Four rate rises later, here’s how Australia’s housing market has changed

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The RBA has lifted the cash rate four times in 2026 to 4.60%, its highest level since 2011. Six months after home prices peaked, the effects of higher borrowing costs are now visible well beyond prices.Australia's housing market looks very different today than it did at the beginning of the year. The Reserve Bank has lifted the cash rate four times in 2026, taking it 100 basis points higher to 4.60%, its highest level since 2011.Six months after national home prices peaked, the effects of tighter financial conditions are now increasingly visible. Home prices are falling, fewer properties are changing hands, homes are taking longer to sell and buyers have more choice and negotiating power. Together, they show how higher interest rates are working their way through Australia's housing market.1. Home prices have gone from record highs to six months of fallsThe most visible change has been in home prices. In March, national home prices reached a record high and were 9.0% higher than a year earlier. Since then, prices have fallen for six consecutive months. National home prices fell another 0.2% in September and are now 3.3% below their March peak. Annual growth has slowed to just 0.1%....

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