Real Estate Institute figures show the national median house price fell by 6.5 per cent to $850,000 in September, compared to August.
Back in March, the Government announced a suite of housing policies designed to boost supply and reign in demand.
Last week the Government, supported by the National Party, announced additional planning reforms to help increase supply and improve affordability.
“But, overall, the market has peaked.
“Rates remain low by historical standards, but they are not the sugar rush they were, so we should get more sensibleness coming on to the market.
“They are facing high prices, affordability is stretched, and tighter lending criteria is at play.