That shouldn't be a surprise - all the affordability problems are still there as the price falls are so far minimal, then add in a well publicised potential to financially screw yourself by spending years owing more than the property you buy ends up being worth.

Because no one wants to buy in a falling market and possibly be left with a loan worth more than the property.. especially one who is mortgaged to the hilt and relying on capital gains to get them to a window where they can refinance away from the single lender that would give them money

The prices aren't 'easing' across the board. Sure a lot of overpriced properties have dropped a bit but houses at the lowest end (i.e. the ones first home buyers are after) are still getting more unaffordable

Australians trying to buy their first home are being driven away by strict serviceability testing and higher interest rates, with mortgage demand in its sharpest fall since 2022.

Saved ye a click bait

Falling buying power right alongside falling house prices.

looks like a few more slum lord apartments coming onto the market at a good discount... but more then a few are real buyer beware stuff.

if i can keep gainfully employed, we might be able to buy next year 🤞

I reckon another factor is the cost of living and inflation is eating into everyone's ability to save money.

So it makes it even harder to accumulate enough for a deposit, as well as continue to pay off a loan.

House prices are falling because first time home buyers don't earn enough to buy a house and aren't buying

but the stat is misleading, house prices and sales of the most expensive homes are doing very well

it's the average and poor who aren't buying houses and the cheaper homes aren't selling

It's not interest rates that are the problem, it's wages and house prices that are the problem

Adding to the comments here, knowing what you dedicate the next 30 years to will probable be uninsurable, if not destroyed within your lifetime doesn't help either.