Australian house prices cool but no crash, as one city surges $51,000 in 90 days

Australian home values are slipping across most capital cities, but the market is not in freefall, and one smaller capital has recorded a surprise $51,000 jump in just three months, according to fresh data. National prices fell 0.3% in the past quarter, driven by declines in Sydney and Melbourne, where higher interest rates and stretched affordability continue to weigh. Yet in Adelaide, median house values surged by $51,000 over the same period, defying the broader trend. Analysts say the overall picture is one of a cooling market, not a crash. The pace of price falls remains modest compared to previous downturns, and strong population growth, limited supply, and a tight rental market are providing a floor under values. For buyers, the mixed results mean some cities still offer opportunities while others remain challenging. Sellers in declining markets may need to adjust expectations, but agents report that well-priced homes are still selling. The divergence between cities highlights the localised nature of housing markets. The Reserve Bank's next interest rate decision will be closely watched, as further hikes could accelerate the slowdown, while any pause might help stabilise sentiment.