Australian house prices are falling but have still more than doubled over the past decade

The article says Australian house prices have fallen modestly in recent months, but the decline is too small to materially improve affordability after a decade-long surge. Cotality data shows the median dwelling price peaked at A$944,000 in March and eased to A$937,000 by end-June, only a 0.7% drop. Major banks expect further declines of 2%-3% by year-end, yet even a 10% fall from the peak would leave prices far above historical norms. Over the past 10 years, the median home price has risen by more than A$400,000, and the average dwelling now costs more than 17 years of typical household disposable income, versus 13 years and 4 months in 2016. Market implications are largely macroeconomic: ongoing pressure on affordability, household finances, and the broader Australian housing market, with little evidence of a near-term reset.