Australian housing prices are experiencing a broad downturn, with national values falling 5.2% since reaching a peak in March. According to data released by Cotality on Thursday, the decline has affected nearly every suburb in the country’s two largest cities, Brisbane and Sydney.

Brisbane has seen a particularly sharp contraction, with home prices dropping 1.5% in September alone. Every suburb in the city recorded lower prices compared to June figures. This trend follows the Reserve Bank of Australia’s decision to raise interest rates for the fourth time this year, a move that has reduced buyer purchasing power and cooled market activity. Economists cited in the report suggest that the downward trend is likely to continue, with total price declines potentially reaching at least 10% as the impact of higher borrowing costs filters through the economy.