News live: capital city house prices fall below $1m; Penny Wong has ‘grave concerns’ for missing Australians in Nepal
This story was selected and curated by our editorial team in the Australia news category. Published on August 31, 2026 • Originally reported by Martin Farrer. OMEGAZEPRIME provides independent news coverage and analysis for our readers. Stay informed with the latest developments.
Sydney and Brisbane are back to being the only capitals with median prices above $1m. Follow updates live
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Good morning, Nick Visser here to take the blog reins. Let’s giddy up.
The typical capital city home price has slipped back below $1m as buyers fail to show up in a “buyers’ market”, property data firm Cotality has reported.
The median price in the capitals surpassed $1m for the first time back in October but has steadily fallen this year with demand suppressed by rising interest rates and weak confidence in the economy. By the end of August, it fell to $990,394, Cotality found.
Longer selling times, larger vendor discounting and persistently low auction clearance rates all point to a buyer’s market, yet buyers are lacking the confidence to transact at the moment.
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