Australian home prices declined for the first time in three years in the second quarter of 2026, with the median house price in state and territory capital cities falling 1.4 percent from the previous quarter to 1.27 million Australian dollars, while the median unit price dropped 1.2 percent to 728,670 Australian dollars. This marks the end of the longest upswing since 2015. In Sydney, the largest market, house prices fell 3.3 percent and unit prices fell 1.5 percent. Melbourne and Canberra recorded declines of 3.1 percent and 2.5 percent respectively. Domain noted that the downturn signals are becoming clearer, with more homes listed for sale and more sellers willing to reduce prices, amid three interest rate hikes by the Reserve Bank of Australia in the first half of the year, rising living costs, and weak consumer confidence.