According to the latest data from CoreLogic, Australian house prices fell by 0.5% in June 2026, marking the first monthly decline in over a year. The national median home value now stands at $794,000, down from $798,000 in May.
Despite the drop, housing affordability remains a significant challenge. The ratio of median house price to median household income is still above 7, well above the long-term average of 5. The Reserve Bank of Australia has kept the cash rate at 4.35% since November 2023, keeping mortgage repayments high.
Regional areas like rural New South Wales have seen some of the largest price drops, with values falling by 1.2% in June. However, for many low-income families, even these lower prices are out of reach. The story of Free Sobolewski, who grew up in a one-room besser-block home in rural NSW, highlights the ongoing struggle for affordable housing.
