Highlights

• The Reserve Bank earlier this month increased the official interest rate by another 50 basis points to 2.35%. This is the fifth consecutive month of rises, starting with .025% in May, followed by 0.5% increases in June, July and August. Further increases are expected in the coming months.
• In August, every capital city in Australia except Darwin saw a fall in values.
• Nationally, prices have fallen by 3.4% over the past 3 months, with Sydney being down 5.9%. Sydney is down 7.4% from the record high in January 2022, and down 2.5% from August last year.
• Brisbane is only down 2.6% from the June 2022 record high.
• Properties are taking longer to sell, with the median days on market over the past 3 months increasing from 25 to 37.
• On a National level, properties advertised is down 22.4% compared to 5 year average.
• Rents are now up 10% over the past 12months, with Sydney up 10.4%.
• Dwellings approved for construction dropped 17.2% in July.
• Lending has also seen a fall for both homebuyers and investors.

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