Australian Home Values See 1st Decline in Nearly 2 Years

Home prices fell in December after 23 months of growth, with the national median dropping $5,000 to $795,000. Canberra and Melbourne saw the steepest declines.

Builders work on a new house in Melbourne, Nov. 8, 2006. William West/AFP via Getty Images

Australia’s housing market ended 2024 on a downward note, with home values slipping by -0.1 percent in December. This marks a shift after a period of strong growth earlier in the year.

CoreLogic’s Home Value Index (HVI) showed that national values peaked in the first half of 2024, rising by 4.1 percent.