Key takeaways
Total national property listings rose 10.4% month-on-month in May to 258,803 dwellings.
National listings are now 0.8% higher year-on-year, marking the first annual increase in available housing stock in over a year.
New listings increased 5.0% nationally and are 12.0% higher than in May 2025.
Old listings rose 10.5% month-on-month, though they remain 10.8% below last year's levels.
Asking prices stalled nationally, but five of the eight capital cities — including Sydney, Melbourne, Brisbane, Perth and Adelaide — recorded monthly declines.
SQM Research's Weekly Asking Prices Index for the week ending 26 May 2026 showed prices stalling nationally, with the major capital cities now in monthly decline.
Nationally, house asking prices were unchanged over the month, while unit asking prices increased 0.7%.
Combined dwelling asking prices rose a marginal 0.1%, leaving prices 10.4% higher year-on-year.
However, that steady national reading was held up entirely by the three smallest capitals.
Five of the eight capital cities — Sydney, Melbourne, Brisbane, Perth and Adelaide — recorded monthly falls.
Sydney recorded a slight monthly decline in combined asking prices (-0.3%), though remains 5.6% higher year-on-year.
Melbourne also eased modestly (-1.1% monthly) while maintaining annual growth of 4.4%.
Brisbane (-1.0%) and Perth (-0.8%) recorded minor monthly declines, though both markets continue to post strong annual growth of 15.8% and 16.9% respectively.
Adelaide experienced a softer month, with combined asking prices down 1.7%, though values remain 9.1% higher year-on-year.
Canberra was one of the stronger performers, with combined asking prices rising 1.4% over the month and 7.1% annually.
Darwin recorded a modest monthly increase in combined asking prices (+0.3%) and remains 10.0% higher year-on-year.
Hobart also posted a solid gain (+2.1% monthly) and remains 10.5% higher year-on-year.
Australia's housing market recorded a significant increase in available stock during May, with total residential listings rising 10.4% to 258,803 dwellings.
The increase was broad-based across most capital cities and pushed national listings into positive annual territory for the first time in many months.
Brisbane recorded the strongest increase among the major capitals, with listings rising 18.5% month-on-month to 16,973 properties, although stock levels remain marginally lower than a year ago (-1.1%).
Perth continued its recent rebound, with listings increasing a further 16.0% to 15,230 dwellings.
While Perth remains 9.8% below May 2025 levels, the city has now recorded three consecutive months of substantial listing growth, signalling a meaningful easing in what had been one of the country's tightest housing markets.
Sydney (+14.8%) and Melbourne (+10.7%) also posted strong rises and are now 11.6% and 12.1% higher year-on-year respectively.
Adelaide (+14.1%) and Canberra (+12.1%) recorded significant increases, while Darwin posted the largest monthly rise nationally at 19.5%.
Hobart was the only capital to record a relatively subdued result, rising just 1.0% over the month.
Total Listings of Properties for Sale
| City | May 2026 Total | Apr 2026 Total | May 2025 Total | Monthly change | Yearly Change % |
|---|---|---|---|---|---|
| Sydney | 39,167 | 34,118 | 35,111 | 14.8% | 11.6% |
| Melbourne | 46,928 | 42,389 | 41,862 | 10.7% | 12.1% |
| Brisbane | 16,973 | 14,326 | 17,166 | 18.5% | -1.1% |
| Perth | 15,230 | 13,133 | 16,883 | 16.0% | -9.8% |
| Adelaide | 9,458 | 8,287 | 9,072 | 14.1% | 4.3% |
| Canberra | 5,108 | 4,556 | 4,722 | 12.1% | 8.2% |
| Darwin | 918 | 768 | 1,135 | 19.5% | -19.1% |
| Hobart | 2,749 | 2,722 | 3,214 | 1.0% | -14.5% |
| National | 258,803 | 234,469 | 256,628 | 10.4% | 0.8% |
Source: SQM Research
New Listings
New listings rose 5.0% nationally in May to 77,270 dwellings, continuing the improvement in fresh supply entering the market.
Sydney (+18.6%) and Melbourne (+14.3%) recorded strong increases in newly advertised properties, while Brisbane (+12.4%) and Canberra (+11.4%) also posted healthy gains.
Perth (+7.4%) and Adelaide (+4.8%) recorded moderate increases, while Darwin rose 23.6%, the strongest increase nationally.
Hobart was the only capital city to record a notable decline in new listings (-21.6%), following elevated activity in previous months.
Nationally, new listings are now 12.0% higher year-on-year, suggesting vendor activity continues to strengthen.
New Listings of properties for sale (less than 30 days)
| City | May 2026 Total | Apr 2026 Total | May 2025 Total | Monthly change | Yearly Change % |
|---|---|---|---|---|---|
| Sydney | 15,641 | 13,191 | 14,875 | 18.6% | 5.1% |
| Melbourne | 19,852 | 17,364 | 17,246 | 14.3% | 15.1% |
| Brisbane | 7,703 | 6,854 | 7,149 | 12.4% | 7.7% |
| Perth | 6,808 | 6,336 | 6,568 | 7.4% | 3.7% |
| Adelaide | 4,558 | 4,350 | 3,935 | 4.8% | 15.8% |
| Canberra | 2,061 | 1,850 | 1,657 | 11.4% | 24.4% |
| Darwin | 330 | 267 | 228 | 23.6% | 44.7% |
| Hobart | 595 | 759 | 520 | -21.6% | 14.4% |
| National | 77,270 | 73,588 | 69,021 | 5.0% | 12.0% |
Source: SQM Research
Old Listings
Older stock increased 10.5% nationally to 73,820 dwellings, reflecting the substantial rise in overall listings during May.
Sydney (+10.2%) and Melbourne (+9.0%) both recorded significant increases, while Brisbane (+8.1%) and Perth (+3.6%) also saw older stock rise.
Adelaide (+10.4%) and Canberra (+13.4%) posted notable increases, indicating some accumulation of longer-dated listings as supply returns to the market.
Darwin recorded the largest increase in older listings (+31.7%), though remains 37.5% below levels recorded a year ago.
Hobart remained broadly stable (+0.6%), while national old listings remain 10.8% lower year-on-year.
| City | May-2026 | Apr 2026 | May 2025 | Monthly % change | Yearly Change % |
|---|---|---|---|---|---|
| Sydney | 6,785 | 6,157 | 7,019 | 10.2% | -3.3% |
| Melbourne | 8,932 | 8,191 | 9,614 | 9.0% | -7.1% |
| Brisbane | 1,640 | 1,517 | 1,999 | 8.1% | -18.0% |
| Perth | 1,296 | 1,251 | 1,807 | 3.6% | -28.3% |
| Adelaide | 1,034 | 937 | 1,131 | 10.4% | -8.6% |
| Canberra | 838 | 739 | 980 | 13.4% | -14.5% |
| Darwin | 237 | 180 | 379 | 31.7% | -37.5% |
| Hobart | 932 | 926 | 1,345 | 0.6% | -30.7% |
| National | 73,820 | 66,819 | 82,786 | 10.5% | -10.8% |
Source: SQM Research
Distressed Listings
Distressed listings increased 5.1% nationally during May to 3,847 properties, though remain 16.2% below May 2025 levels.
Queensland (+8.9%), Western Australia (+9.1%) and South Australia (+9.0%) recorded the strongest monthly increases. New South Wales rose 3.2%, while Victoria was broadly steady (+0.4%).
The ACT recorded a further increase (+6.8%) and remains significantly elevated compared to a year ago (+38.2% YoY).
While distressed listings remain below year-ago levels nationally, the sharp monthly increase— concentrated in the mining states and the ACT — bears close watching. Year-on-year comparisons lag the cycle, and the monthly trend is now pointing higher.
Distressed Property Listings
Source: SQM Research
Asking Prices
Sydney Weekly Asking Prices Index
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 2,129.194 | 0.445 | -0.4% | 4.6% |
| All Units | 931.204 | -0.904 | 0.1% | 9.7% |
| Combined | 1,639.424 | -0.106 | -0.3% | 5.6% |
Source: SQM Research
Melbourne Weekly Asking Prices Index
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 1,326.039 | -3.039 | -1.4% | 3.6% |
| All Units | 685.058 | -0.058 | 0.3% | 8.3% |
| Combined | 1,123.081 | -2.095 | -1.1% | 4.4% |
Source: SQM Research
Perth Weekly Asking Prices Index
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 1,306.870 | -5.373 | -1.1% | 15.5% |
| All Units | 806.083 | 2.437 | 0.6% | 24.4% |
| Combined | 1,175.223 | -3.320 | -0.8% | 16.9% |
Source: SQM Research
Brisbane Weekly Asking Prices Index
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 1,408,912 | -5.857 | -1.2% | 14.1% |
| All Units | 896.284 | 1.006 | 0.2% | 25.2% |
| Combined | 1,279.199 | -4.120 | -1.0% | 15.8% |
Source: SQM Research.
Adelaide Weekly Asking Prices Index
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 1,125.280 | -8.391 | -2.2% | 8.7% |
| All Units | 620.561 | -2.761 | 2.2% | 12.5% |
| Combined | 1,034.299 | -7.376 | -1.7% | 9.1% |
Source: SQM Research
Canberra Weekly Asking Prices Index
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 1,260.166 | 15.334 | 1.5% | 9.4% |
| All Units | 607.397 | -0.022 | 1.3% | 1.8% |
| Combined | 1,012.197 | 9.501 | 1.4% | 7.1% |
Source: SQM Research
Darwin Weekly Asking Prices Index
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 845.396 | 0.604 | 2.3% | 8.4% |
| All Units | 466.832 | -7.082 | -4.7% | 14.9% |
| Combined | 696.466 | -2.420 | 0.3% | 10.0% |
Source: SQM Research
Hobart Weekly Asking Prices Index
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 938.091 | 10.448 | 2.2% | 11.1% |
| All Units | 593.213 | 4.087 | 0.7% | 5.6% |
| Combined | 877.009 | 9.474 | 2.1% | 10.5% |
Source: SQM Research
National Weekly Asking Prices Index
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 1,087.874 | 1.111 | 0.0% | 10.0% |
| All Units | 660.649 | 0.078 | 0.7% | 13.2% |
| Combined | 994.869 | 0.886 | 0.1% | 10.4% |
Source: SQM Research
Capital City Average Weekly Asking Prices Index
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 1,564.034 | 0.020 | -0.6% | 6.8% |
| All Units | 819.068 | -1.931 | 0.3% | 11.9% |
| Combined | 1,340.650 | -0.565 | -0.5% | 7.5% |
Source: SQM Research
Final note...
May's data points to a market that is losing momentum. National listings recorded their strongest monthly rise in some time and have moved back into positive annual territory for the first time in over a year.
When supply returns this quickly while prices stall, it is usually an early sign that the market is at turning point, keeping in mind April recorded a seasonally low level of listings.
The flat national price reading masks what is actually happening across the major capitals.
Sydney, Melbourne, Brisbane, Perth and Adelaide all recorded monthly falls in combined asking prices.
The only markets still rising are the three smallest — Canberra, Darwin and Hobart.
With five of the eight capitals now declining month-on-month, the moderation we flagged earlier this year is broadening.
Distressed listings jumped 5.1% over the month, led by Western Australia, South Australia and Queensland, all up around 9%.
The annual figure is still negative, but year-on-year comparisons lag — the monthly trend is what matters here, and it is rising.
The ACT is already 38% above where it was a year ago. We are watching this closely as an early indicator of mortgage stress.
This is consistent with the more cautious view we have held since March.
With inflation sticky and rate relief pushed further out, the larger capitals — Sydney and Melbourne in particular — remain the most exposed.
The balance of risk has clearly shifted to the downside, and the next few months will confirm whether May was the inflection point.
- Also read:Supply Surges, Asking Prices Stall as Housing Market Reaches Turning Point | Latest SQM Listing Data
- Also read:Latest Property Price Forecasts. Australian Property Market Outlook 2026: Where To Now After The Rate Rise & Budget Changes.
- Also read:Home Prices Now Falling Following Rate Rises | Latest stats from Dr. Andrew Wilson
- Also read:National Weekly Auction Report – May 30th 2026 | Auction Markets Still Sliding as Clearance Rates Tumble
- Also read:Why Australia’s Housing Crisis Just Got More Complicated | Property Insiders
