After an extended period of growth, Australia’s housing market is showing signs of a downturn. According to new data from Cotality, median dwelling prices in Brisbane, Adelaide, and Perth have all retreated from record highs established in May.

In Brisbane, the median price dropped by approximately $8,000 since May, returning to its March level of $1.1 million. This decline marks a significant shift for the city, which had experienced 40 consecutive months of price increases leading up to June. Similarly, Adelaide and Perth have seen their median prices dip by about $4,000 each, settling at $944,000 and $1.03 million respectively.

The report suggests that this cooling trend is becoming more widespread across the nation. While the data highlights specific drops in these major cities, the broader market context remains complex. The Guardian attributes these shifts to a combination of external pressures, specifically citing the ongoing Middle East conflict and recent tax changes as contributing factors to the cooling sentiment. As the market transitions from a period of historic growth, analysts are observing how these macroeconomic variables continue to influence buyer behavior and property valuations across regional and metropolitan Australia.