Over the past three months, increasing interest rates and declining home loan volumes has led Australia’s housing market fall to its lowest level since 2004.

Australian Property Monitor’s report that the median property price in five out of our eight state capitals have fallen during the quarter to 30 June.

Perth was the capital city that experienced the greatest decline, suffering a 2.8 per cent drop in its average house price. Sydney came in second with a 2.1 per cent drop.

The only capital city that did not see median property values fall during this quarter was Adelaide, which experienced a 0.4 per cent increase for both houses and units.

Sydney remains the capital with the highest average property price at $542,488.

Simon Turner