By Michael Yardney February 9, 2026

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This week’s Australian Property Market Update – Latest Data, State by State February 9th 2026

Property Market News
This week’s Australian Property Market Update – Latest Data, State by State February 9th 2026

Key takeaways

The media narrative remains more negative than the data justifies.

Sure, when the Reserve Bank raises interest rates the impact isn’t limited to loan repayments, because, to be blunt, it doesn't change loan repayments or affordability that much. However, it does affect buyer and seller confidence which cools our housing markets in the short term.

Just like when we had previous rate rises, after a short-term blip in confidence, buyers returned to the market.

Think back 12 months when interest rates were higher and the market performed strongly.

Long-term investors should focus on fundamentals, not fear.

Sydney property prices remained flat over the last week, increased 0.1% over the last month but are 6.4% higher than they were 12 months ago.

Melbourne property prices remained flat over the last week, increased 0.1% over the last month, and increased 5.5% compared to 12 months ago.

Brisbane property prices increased 0.4% over the last week, increased 1.5% over the last month and are 16.1% higher than they were 12 months ago.

Overall, Australian capital dwelling prices increased 0.6% over the last month and are now 9.3% higher than they were 12 months ago.

If you listened only to the headlines this week, you’d be forgiven for thinking Australia’s property market is on shaky ground.

Interest rates rose and the future for rates is a little cloudy, affordability pressures dominate the commentary, and buyers are often portrayed as hesitant or exhausted.

When the Reserve Bank raises interest rates the impact isn’t limited to loan repayments, because, to be blunt, it doesn't change loan repayments or affordability that much.

However, it does affect buyer and seller confidence which cools our housing markets in the short term.

But when you look past the noise and focus on the data, a very different picture emerges.

Just like when we had previous rate rises, after a short-term blip in confidence, buyers returned to the market.

Interest rates are likely to remain stable for some time, low unemployment and high workforce participation continue to underpin buyer confidence, mortgage serviceability, and rental demand.

And buyers were out in force this time last year when interest rates were even higher.

What we’re seeing now is not a market in crisis, but a window of opportunity for those who want to take advantage of the short-term love that will occur.

For long-term property investors, this period is a reminder that in the long term markets are driven by fundamentals rather than interest rates, and that the best decisions are made by looking beyond short-term headlines to the underlying drivers of demand, employment, and supply.

On the auction front this week... strong start to the 2026 auction season

The start of the 2026 auction season has been surprisingly strong, with the preliminary clearance rate rebounding from the low 60% range in mid-December to last week’s result of 73.7%, the highest preliminary clearance rate since the week ending October 19 last year.

The bounce back was stronger than the previous week, where the preliminary clearance rate came in at 69.7%, revising down to 66.4% once finalised.

See Cotality's full auction report below.

This week, Cotality also reports that:

Sydney property prices remained flat over the last week, increased 0.1% over the last month but are 6.4% higher than they were 12 months ago.
Melbourne property prices remained flat over the last week, increased 0.1% over the last month, and increased 5.5% compared to 12 months ago.

Brisbane property prices increased 0.4% over the last week, increased 1.5% over the last month and are 16.1% higher than they were 12 months ago.

Overall, Australian capital dwelling prices increased 0.6% over the last month and are now 9.3% higher than they were 12 months ago.

Clearly, the property cycle is moving on but our markets are very fragmented.

Weekly Change 09 February

Monthly Change 09 February

12th Month Change 09 December

Source: Cotality February 9th 2026

Of course, these are "overall" figures - there is not one Sydney or Melbourne or Brisbane property market.

And various segments of each market are performing differently.

At the beginning of this cycle the upper quartile of the market lead the upswing but last year the lower quartile across every capital city recorded a stronger outcome for housing values relative to its upper quartile counterpart.

The following chart shows how various segments of each capital city market are performing differently, with median-priced properties performing well.

Quarterly Change In Stratified Hdi

28 Day Rolling Change Hvi

To help keep you up-to-date with all that's happening in property, here is my updated weekly analysis of data and charts as of 9th February 2026, provided by SQM Research, Cotality, and realestate.com.au.

Current property asking prices

Property asking prices are a useful leading indicator for housing markets - giving a good indication of what's ahead.

Here is the latest data available:

Sydney

Property type	Price ($)	Weekly Change	Monthly Change %	Annual % change
All Houses	2,202,489	6.946	-0.1%	11.8%
All Units	901,235	-0.735	0.0%	7.3%
Combined	1,671,154	3.809	-0.1%	10.6%

Source: SQM Research

Melbourne

Property type	Price ($)	Weekly Change	Monthly Change %	Annual % change
All Houses	1,337,117	-12.013	-1.5%	6.8%
All Units	672,353	1.547	0.5%	9.7%
Combined	1,126,620	-7.719	-1.2%	7.2%

Source: SQM Research

Brisbane

Property type	Price ($)	Weekly Change	Monthly Change %	Annual % change
All Houses	1,443,756	-0.692	1.8%	20.6%
All Units	890,366	-0.166	0.8%	31.3%
Combined	1,304,136	-0.559	1.7%	22.2%

Source: SQM Research

Perth

Property type	Price ($)	Weekly Change	Monthly Change %	Annual % change
All Houses	1,216,566	2.511	2.3%	9.9%
All Units	771,468	5.531	3.3%	27.4%
Combined	1,099,719	3.304	2.5%	12.7%

Source: SQM Research

Adelaide

Property type	Price ($)	Weekly Change	Monthly Change %	Annual % change
All Houses	1,160,364	-10.164	-2.0%	17.1%
All Units	622,728	-1.998	3.0%	18.7%
Combined	1,063,535	-8.693	-1.5%	17.2%

Source: SQM Research

Canberra

Property type	Price ($)	Weekly Change	Monthly Change %	Annual % change
All Houses	1,259,009	-2.384	-1.7%	5.9%
All Units	614,353	-1.603	0.3%	2.8%
Combined	1,015,738	-2.089	-1.2%	4.6%

Source: SQM Research

Darwin

Property type	Price ($)	Weekly Change	Monthly Change %	Annual % change
All Houses	809,357	14.443	4.6%	13.0%
All Units	476,115	3.635	1.5%	16.1%
Combined	678,307	10.193	3.7%	13.8%

Source: SQM Research

Hobart

Property type	Price ($)	Weekly Change	Monthly Change %	Annual % change
All Houses	896,439	1.197	1.1%	10.3%
All Units	518,635	-0.435	-0.6%	2.3%
Combined	838,677	0.947	1.0%	9.4%

Source: SQM Research

National

Property type	Price ($)	Weekly Change	Monthly Change %	Annual % change
All Houses	1,077,311	1.797	-0.4%	11.8%
All Units	643,767	4.483	1.7%	13.1%
Combined	983,140	2.380	-0.1%	11.9%

Source: SQM Research

Cap City Average

Property type	Price ($)	Weekly Change	Monthly Change %	Annual % change
All Houses	1,584,739	-4.751	-0.7%	11.7%
All Units	799,131	-0.244	0.1%	12.4%
Combined	1,349,703	-3.403	-0.6%	11.7%

Source: SQM Research

The value of property asking prices as a leading indicator for housing markets is quite significant.

In fact it's more valuable than median prices which can be quite misleading.

Let's delve into why this is the case and how it impacts the real estate market.

Early Market Sentiment Indicator: Asking prices often reflect the current sentiment of sellers in the real estate market.

If sellers are confident, they might set higher asking prices, anticipating strong demand.
Conversely, if sellers are uncertain or perceive a market downturn, they might lower their asking prices to attract buyers.
This makes asking prices a real-time indicator of market sentiment, often preceding changes in actual sales prices.
Predictive of Future Price Trends: Trends in asking prices can be predictive of where the actual property prices are headed.
For example, a consistent rise in asking prices over a period can signal an upcoming rise in transaction prices.
Impact of Economic Factors: Economic factors such as interest rates, employment rates, and broader economic health influence asking prices.
For instance, changes in the Reserve Bank of Australia's policies or shifts in the job market can quickly reflect in the asking prices, providing insights into how these factors are influencing the housing market.
Regional Variations: In a diverse market like Australia's, asking prices can also provide insights into regional disparities.
For instance, the property markets in Melbourne and Sydney might behave differently from those in Brisbane or Perth. Asking prices can give early indications of these regional trends.
Influence of Supply and Demand: Asking prices are also a response to the balance of supply and demand in the market.
In areas with limited supply and high demand, asking prices tend to be higher and vice versa.

However, it's important to note that while asking prices are a valuable indicator, they should not be used in isolation.

Other factors like actual sales prices, time on the market, auction clearance rates, and economic conditions also play crucial roles in understanding the property market dynamics.

Last weekend's auction report

Strong start to the 2026 auction season

The bounce back was stronger than the previous week, where the preliminary clearance rate came in at 69.7%, revising down to 66.4% once finalised.

The result has been on the back of a softening in auction volume, with 1,593 homes going under the hammer last week, down 0.6% from the 1,603 auctions held a week earlier and 4.6% lower than the same week a year ago.

Capital City Auction Statistics

Much of the strength in clearance rates came from Sydney, which delivered a 79.6% early result, the highest preliminary outcome since the last week of August 2025 (80.3%).

The strong result came with a 31% uplift in volume, with 602 homes taken to auction.

Melbourne recorded a higher volume than Sydney, with 638 homes taken to auction last week, but a lower preliminary clearance rate.

67.9% of Melbourne auctions have reported a successful result so far, down from 69.3% the week prior, which revised back to 63.7% on final numbers.

Across the smaller capitals, Brisbane recorded the most auctions, with 131 homes going under the hammer last week.

A preliminary clearance rate of 69.0% was recorded, down from 75.0% the week prior (71.8% once finalised).

Adelaide returned another 80%+ preliminary clearance rate last week, a softer result week-on-week at 83.6% (down from 86.1%) across 117 auctions.

There were 92 auctions held across the ACT last week, down 31% from the previous week, with the preliminary clearance rate bouncing higher to 69.7% from a very low 39.8% the week prior.

Last week saw 12 auctions held in Perth with 75% reporting a positive result so far.

There was only one auction in Tasmania last week, which was passed in.

We are expecting around 2,050 auctions to be held across the combined capitals this week, rising to approximately 2,800 next week.

Our rental markets

The rental vacancy rate came in at 1.7% nationally in January, up from a recent record low of 1.5% in September, but still well below the long run average of 2.5%, or even a year ago, when the vacancy rate was 2.1%.

Every capital city except Canberra has recorded a vacancy rate below the 10-year average.

Adelaide posted the tightest rental vacancy conditions, with only 1.0% of rental stock available to rent in January.

Annual Change In Rents Houses

With such low vacancy rates, Cotality’s national Rental Index was up 0.6% in January, the strongest monthly change in rents since April last year.

Similarly, the annual pace of rental growth picked up, recorded at 5.4% over the 12 months to January, adding approximately $35.20/week to the median rent.

Annual Change In Rents Units

Although rents have risen, home values have increased at a faster rate, placing some gradual downwards pressure on gross rental yields.

At 3.56%, the national gross rental yield hasn’t been this low since September 2022

Gross Rental Yields Dwellings