{
  "id": 17606076,
  "title": "Australia nears 'largest property downturn in 40 years' as prices plunge",
  "url": "https://urgent.news/2026/11/01/australia-nears-largest-property-downturn-in-40-years-as-prices-plunge",
  "topic": "world",
  "section": "World",
  "published": "2026-11-01T13:01:00.000Z",
  "source": {
    "name": "ABC News AU",
    "slug": "abc-news-au",
    "url": "https://www.abc.net.au/news/2026-11-02/house-prices-fall-in-october-biggest-downturn-40-years-cotality/107325214"
  },
  "original_language": "en",
  "account": "The median value of Australian homes fell by $63,400 since March, marking the sharpest decline in a seventh consecutive month. Property research group Cotality reported the national home value index was down 1.2% in October and now 6.7% below its March peak, equivalent to a $63,400 drop in median dwelling value. Capital city prices dropped 8.1% in seven months, with virtually every suburb in Brisbane, Perth, and Adelaide recording value decreases over the past three months. Buyers are struggling to secure loans due to higher interest rates, and investor demand is waning because of government budget changes to property tax breaks. Economists predict higher rates for longer, leading to further house price declines. The number of home sales has dropped sharply, with a 23% decline over the past three months and 18% below the previous five-year average. Auction clearance rates are consistently below 50%, and the median time on market is the highest since August 2020. Buyers are waiting for the Reserve Bank of Australia to signal a different direction on rates, which may not happen until late 2027. The eventual housing market recovery is expected to be more subdued than previous episodes.",
  "summary": "House prices have fallen for a seventh consecutive month, with the speed of the decline tracking at the fastest pace in 40 years, according to a property research group.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 3,
    "also_reported_by": [
      {
        "outlet": "The Sydney Morning Herald",
        "title": "Soaring jet fuel prices are a headwind for Australia’s newest airport",
        "url": "https://urgent.news/2026/11/01/soaring-jet-fuel-prices-are-a-headwind-for-australias-newest-airport-17540960",
        "published": "2026-11-01T05:44:17.000Z"
      },
      {
        "outlet": "The Age",
        "title": "Soaring jet fuel prices are a headwind for Australia’s newest airport",
        "url": "https://urgent.news/2026/11/01/soaring-jet-fuel-prices-are-a-headwind-for-australias-newest-airport",
        "published": "2026-11-01T05:44:17.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}