By Michael Yardney June 15, 2026

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This week’s Australian Property Market Update – Latest Data, State by State June 16th 2026

Property Market News
This week’s Australian Property Market Update – Latest Data, State by State June 16th 2026

Key takeaways

The overwhelming majority of economists expect the RBA to hold rates at the June 16 meeting, though the debate about further hikes in August remains live.

Westpac is the most hawkish of the major banks and is forecasting two additional hikes that could take the cash rate to 4.85% - a level not seen since 2008.

The combined capital city auction clearance rate has stayed below 60% for six of the last eight weeks, with volumes recovering but buyer demand remaining soft.

The market is expected to drift sideways to mildly lower in the short term - not a sharp correction, but a period of softer conditions led by Sydney and Melbourne.

Perth continues to outperform, while Brisbane and Adelaide are also still growing, though both are losing some momentum as affordability tightens. IQI Blog

National values remain around 8.5% higher than a year ago and up 37.6% over five years - the long-term fundamentals remain intact even as short-term sentiment softens.

The rental market continues to provide strong support, with vacancy rates holding at 1.6% nationally and rents rising 5.7% over the past year.

This is a market where the right property, in the right suburb, with the right structure matters more than ever - broad national averages are becoming less and less useful as a guide.

The past two weeks have delivered a lot for property investors to process, and if you've been watching the news closely, you'd be forgiven for feeling uncertain about where things are headed.

The RBA delivered its third consecutive rate hike in May, lifting the cash rate to 4.35% - effectively wiping out every cut made in 2025 and bringing us back to the peak of the previous cycle.

And as I write this, the RBA Board is meeting again today, with 42 of 45 economists surveyed by Reuters expecting a hold at 4.35% - though Westpac remains the most hawkish of the major banks, now forecasting further hikes in August and September that could take the cash rate to 4.85%.

So the rate picture is uncertain, and borrowers are right to be cautious.

Meanwhile, the dust continues to settle on the Federal Budget's property tax changes.

The May 2026 Budget has introduced significant changes to negative gearing and capital gains tax, taking effect from 1 July 2027, though existing investors are largely protected through grandfathering provisions.

Australia's property market is likely to move through a softer phase, with national values drifting sideways to mildly lower rather than entering a sharp downturn.

The slowdown is already broadening, led by weaker conditions in Sydney and Melbourne, while stronger markets such as Perth, Brisbane and Adelaide are still rising but losing momentum.

What all of this tells me is that the market is pausing for breath. Higher rates, the Budget changes, and cautious consumer sentiment are all weighing on buyer confidence at the same time. But I've been through enough cycles to know that the headlines rarely tell the full story.

Market performance is becoming increasingly localised, creating very different opportunities across the country.

This isn't a moment to panic, and it isn't a moment to sit on your hands indefinitely either. It's a moment to be clear-eyed, well-informed, and strategic.

On the auction front this week... Preliminary clearance rate holds below 55% for third consecutive week

The combined capitals recorded a solid 80.8% bounce back in auction volume last week, following a week of softer activity as many states took a long weekend for the King's Birthday.

2,124 capital city homes went under the hammer, a touch lower than the same week a year ago (-2.7%), with this softer year-on-year trend evident for the fourth week running.

See Cotality's full auction report below.

This week, Cotality also reports that:

Sydney property prices declined -0.2% over the last week, also declined -0.9% over the last month but are 1.8% higher than they were 12 months ago.
Melbourne property prices declined -0.2% over the last week, also declined -0.7% over the last month, and remained flat compared to 12 months ago.

Brisbane property prices increased 0.1% over the last week, increased 0.7% over the last month and are 19.2% higher than they were 12 months ago.

Overall, Australian capital dwelling prices declined -0.2% over the last month and are now 7.5% higher than they were 12 months ago.

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

Weekly Change 15 June

Monthly Change 15 June

12 Month Change 15 June

Source: Cotality June 15th 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 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 15th June 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	2,118.430	-8.430	-0.6%	3.4%
All Units	926.794	-3.094	-0.2%	9.7%
Combined	1,631.157	-6.349	-0.5%	4.6%

Source: SQM Research

Melbourne

Property type	Price ($)	Weekly Change	Monthly Change %	Annual % change
All Houses	1,318.835	-4.335	-1.2%	1.6%
All Units	688.442	2.048	0.3%	8.7%
Combined	1,119.285	-2.258	-0.9%	2.9%

Source: SQM Research

Brisbane

Property type	Price ($)	Weekly Change	Monthly Change %	Annual % change
All Houses	1,407.065	1.824	-1.0%	13.3%
All Units	889.208	-1.708	-0.5%	22.6%
Combined	1,275.920	0.821	-0.9%	14.8%

Source: SQM Research

Perth

Property type	Price ($)	Weekly Change	Monthly Change %	Annual % change
All Houses	1,289.610	7.769	-0.8%	13.1%
All Units	794.622	-6.122	-0.3%	24.6%
Combined	1,159.466	4.096	-0.7	14.9%

Source: SQM Research

Adelaide

Property type	Price ($)	Weekly Change	Monthly Change %	Annual % change
All Houses	1,132.141	2.258	-1.5%	7.5%
All Units	626.364	-2.964	0.1%	12.8%
Combined	1,040.950	1.296	-1.4%	8.1%

Source: SQM Research

Canberra

Property type	Price ($)	Weekly Change	Monthly Change %	Annual % change
All Houses	1,259.573	-0.448	1.3%	7.7%
All Units	611.202	2.541	0.8%	2.0%
Combined	1,012.905	0.318	1.2%	5.9%

Source: SQM Research

Darwin

Property type	Price ($)	Weekly Change	Monthly Change %	Annual % change
All Houses	850.546	-2.546	0.3%	9.6%
All Units	464.895	-3.895	-2.7%	13.8%
Combined	698.832	-3.072	-0.5%	10.6%

Source: SQM Research

Hobart

Property type	Price ($)	Weekly Change	Monthly Change %	Annual % change
All Houses	938.740	0.260	2.3%	11.3%
All Units	551.853	8.047	3.1%	11.1%
Combined	879.455	1.413	2.4%	11.3%

Source: SQM Research

National

Property type	Price ($)	Weekly Change	Monthly Change %	Annual % change
All Houses	1,085.673	-3.417	0.1%	8.6%
All Units	663.594	2.329	0.7%	13.9%
Combined	993.734	-2.220	0.2%	9.3%

Source: SQM Research

Cap City Average

Property type	Price ($)	Weekly Change	Monthly Change %	Annual % change
All Houses	1,556.190	-1.266	-0.6%	5.0%
All Units	815.362	-3.285	-0.2%	11.6%
Combined	1,333.939	-1.979	-0.5%	6.0%

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

Preliminary clearance rate holds below 55% for third consecutive week

The combined capitals recorded a solid 80.8% bounce back in auction volume last week, following a week of softer activity as many states took a long weekend for the King's Birthday.

2,124 capital city homes went under the hammer, a touch lower than the same week a year ago (-2.7%), with this softer year-on-year trend evident for the fourth week running.

54.0% of capital city auctions recorded a positive outcome based on the results collected to date, a modest step higher from the 51.1% seen two weeks ago.

Despite the rise, this was the third week in a row where the preliminary clearance rate held below 55%, and nine of the
past eleven weeks have seen the preliminary clearance rate tracking below 60%.

Capital City Auction Statistics 15 June

Melbourne hosted 980 auctions last week, a 131% jump from the previous week when 424 auctions were held.

The preliminary clearance rate rose to 57.6% (from 52.3% the week prior).

Sydney saw 797 homes go under the hammer last week, a 64.3% rise on the previous week but 3.9% lower than the same time a year ago.

The preliminary clearance rate nudged lower to 52.8%, down from 52.9% the week prior.

This was the third lowest preliminary clearance rate recorded so far this year, and four out of the past five weeks have seen Sydney's preliminary clearance rate hold below the 55% mark.

In Brisbane, 144 auctions were held last week, a 6.7% rise on the previous week and 13.4% above the same time a year ago.

The 42.0% preliminary clearance rate was a substantial improvement on the prior week's 31.9%, although it marked the fourth week running where the early clearance rate sat below 50%.

Adelaide held 110 auctions last week, a 39.2% increase on the previous week but 9.1% lower than a year ago. 56.6% of auctions recorded a successful result, down from 64.2% the week prior, and the lowest preliminary clearance rate for Adelaide since June 2025.

There were 79 auctions held across the ACT last week, up 119% on the previous week and 2.6% higher than the same week a year ago. 45.6% of auctions reported a successful result, down from 50.0% the week prior.

This marked the ninth straight week where the ACT's preliminary clearance rate held below 55%.

Perth hosted 13 auctions last week, one less than the previous week, while just one auction was held in Tasmania last week, which was successful.

This week, Cotality is expecting around 1,950 capital city homes to go to auction, reducing to approximately 1,780 the following week.

Auction volumes typically slow through the winter months.

Our rental markets

Rents rose 0.6% in May, matching the increase recorded in April, but easing from the 0.7% monthly gains seen through the first three months of 2026.

The monthly rise pushed annual national rent growth to 5.9%, the largest annual increase since the 12 months ending September 2024.

Most capitals have seen annual rental growth regain some momentum in recent months.

Annual Change In Rents Houses

Upward pressure on rents is likely to persist due to very low vacancy rates.

The national vacancy rate dipped to 1.5% in May, in line with the record lows seen in 2022 and 2023, when the catch-up phase of overseas migration pushed vacancy rates lower.

Annual Change In Rents Units

With rents continuing to rise while home value growth eases or turns negative, gross rental yields are coming under some upward pressure, albeit from a low base.

At 3.45%, the combined capitals gross rental yield is at its highest level since June last year.

Gross Rental Yields Dwellings