Podcast: Where Are Australian House Prices Falling the Most? Featuring Martin North

by Nucleus Wealth Team

September 24, 2026

In this week’s podcast, Nucleus Wealth’s Chief Investment Officer, Damien Klassen, is joined by Martin North of Walk the World and DFA Live to uncover where Australia’s housing downturn is hitting hardest. We look beyond the national numbers to identify the suburbs and postcodes seeing the biggest price falls, what these areas have in common, and why some parts of the housing market are proving far more vulnerable than others.

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Key Talking Points:

Australia has many different housing markets: National averages can hide sharp differences between suburbs, property types and household groups.
Housing pressures have several interacting causes: Interest rates, lending, government policy, migration, supply and household finances make the market difficult to predict.
Affordability is under strain: Buyers need larger loans and longer mortgage terms, while real incomes have not kept pace with home prices.
Financial stress is spreading: Renters, mortgage holders and investors are facing mounting cash-flow pressures, especially younger families and outer-suburban households.
Local risks vary: Melbourne investors are squeezed by costs, Brisbane apartments face rising strata fees, and the interviewee sees signs of cooling in Perth and coastal Queensland.
Housing stress can build gradually: Refinancing and loan extensions may delay defaults, but don’t necessarily fix the underlying gap between household income and spending.
Rental pressure compounds the problem: High rents make it harder for struggling homeowners to sell and move into the rental market.
Property isn’t guaranteed to rise: The guests challenge the assumption that housing is always a reliable investment, pointing to costs, weak yields and oversupplied apartment markets.
The outlook remains uncertain, with downside risks: Martin’s scenarios range from flat prices over three years to a substantial national decline in a severe downturn.
Policy choices have wider economic consequences: The discussion argues that housing-focused lending and policy can divert resources from broader productivity and economic growth.