Australian capital city house prices fall for first time in 15 years

· Economy · Australia

House prices are falling in every Australian capital city for the first time in 15 years and only the second time on record, according to a Domain report released on Oct 21. Sydney prices are at a two-year low after falling 4.7 percent in the September quarter to A$1.66 million. The downturn comes as Sydney's long-awaited south-west metro extension is set to open on Friday, Oct 30, more than two years after the former T3 heavy rail line closed and replacement buses began running.

Why it matters：A synchronized housing downturn in a heavily indebted household economy could weigh on Australian consumption and force a policy response.

Key points

  • It is the second time on record that all capitals fell together.
  • Sydney prices fell 4.7 percent in the September quarter to A$1.66m.
  • Sydney's south-west metro extension opens on Oct 30.

Sources (original reporting)

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