News live: capital city house prices fall below $1m; Penny Wong has ‘grave concerns’ for missing Australians in Nepal

Sydney and Brisbane remain the only Australian capital cities with median house prices exceeding $1 million, according to the latest report from property data firm Cotality. For the first time in October, the median price across all capital cities surpassed the $1 million mark, but it has since dropped significantly as demand wanes.

This slump is largely attributed to rising interest rates and a lack of confidence in the economy, which has suppressed buyer activity in what has become a buyers' market. By the end of August, the median home price in the capitals had fallen to $990,394, dropping further to $999,987 by the end of the month. In Perth, the typical home price surpassed the $1 million threshold in March but has since settled at $999,987 by the end of August.

The report highlights longer selling times, larger vendor discounts, and persistently low auction clearance rates, all indicative of a stagnant market where buyers are hesitant to make transactions at present. Penny Wong has expressed "grave concerns" over the plight of missing Australians in Nepal, emphasizing the need for urgent action to locate and assist them.