Australian Home Sales Fall 20.9% as Spring Market Stalls

Share this article!

Australia’s spring housing market has weakened sharply. An estimated 39,747 homes sold nationwide in September, 20.9% fewer than a year earlier, according to Cotality’s October housing chart pack, published October 15.

The median selling time rose to 41 days from 26 days a year earlier, while advertised housing stock increased 19.1%. Those figures suggest that properties are accumulating faster than buyers are completing purchases. The sales total is a Cotality estimate, not a final government settlement count.

Auctions show a similar retreat. Cotality’s October 11 weekly report put the combined capital-city auction clearance rate at 44.1%, down from 68.2% a year earlier. That measure covers properties taken to auction and is not the proportion of all homes sold nationally.

Higher interest rates have reduced borrowing capacity, while more listings and longer selling periods may strengthen buyers’ negotiating position. Conditions differ by market, and the national data do not establish that prices are falling everywhere.

WRE previously covered Australian valuers’ downturn forecast. These newly reported transaction and inventory figures provide separate evidence of the slowdown.