House prices fall in four capital cities as Sydney values drop nearly $50,000 this year

Median house prices are falling in four capital cities as Adelaide joined Melbourne, Sydney and Canberra with a one-month decline in June, according to Cotality. Photograph: Bec Lorrimer/The Guardian

House prices are now falling in four capital cities with the Adelaide market beginning to slide in June, while Sydney values have dropped by $48,000 since the start of the year.

Data from Cotality, released on Wednesday, showed Sydney and Melbourne recorded their biggest one-month decline in values since August 2022, falling 1.2% and 1% respectively.