Key takeaways
Capital city home prices have continued to rise over March despite another increase in official interest rates and growing uncertainty over the outlook for inflation and the global economy.
The national capital city median house price increased by a solid 0.9% over the March quarter to $1,296,402 compared to the February quarter, according to the latest data from My Housing Market.
Annual national house prices are higher by a strong 11.0% and have now increased over 13 consecutive months.
National unit prices were similarly higher over the March quarter compared to the February quarter, rising by 0.9% to $725,206 – and have now increased by 8.7% compared to the March quarter 2025 result.
Capital city home prices have continued to rise over March despite another increase in official interest rates and growing uncertainty over the outlook for inflation and the global economy.
The national capital city median house price increased by a solid 0.9% over the March quarter to $1,296,402 compared to the February quarter, according to the latest data from My Housing Market.
Annual national house prices are higher by a strong 11.0% and have now increased over 13 consecutive months.
All capitals reported house price increases over the month, with Darwin the top performer, higher by 4.4%, followed by Canberra up 1.9%, Hobart higher by 1.8%, Perth up 1.6%, Brisbane higher by 1.4%, Sydney higher by 0.8%, Adelaide up 0.7%, and Melbourne increased by 0.5%.
Most capitals continue to report strong annual house price growth in excess of 10%, with Perth, Darwin, Brisbane, and Adelaide clearly the highest, up by 24.8%, 24.0%, 19.0% and 15.3% respectively.
Quarterly Median House Prices March 2026
| Median | Month | This Year | 1 Year | 2 Year | |
| Sydney | $1,778,735 | 0.8% | 0.2% | 6.7% | 10.2% |
| Melbourne | $1,106,529 | 0.5% | -1.3% | 5.2% | 3.4% |
| Brisbane | $1,201,796 | 1.4% | 3.1% | 19.0% | 30.1% |
| Adelaide | $1,136,285 | 0.7% | 3.4% | 15.3% | 26.6% |
| Perth | $1,196,582 | 1.6% | 6.9% | 24.8% | 43.5% |
| Hobart | $754,433 | 1.8% | 0.6% | 11.9% | 10.4% |
| Darwin | $802,758 | 4.4% | 5.6% | 24.0% | 28.5% |
| Canberra | $1,046,029 | 1.9% | 3.8% | 9.3% | 10.0% |
| National | $1,296,402 | 0.9% | 1.4% | 11.0% | 15.7% |
National unit prices also higher
National unit prices were similarly higher over the March quarter compared to the February quarter, rising by 0.9% to $725,206, and have now increased by 8.7% compared to the March quarter 2025 result.
Perth was the top monthly performer over March with unit prices rising by 4.1% followed by Hobart up 3.1%, Darwin higher by 1.8%, Brisbane up 1.7%, Sydney higher by 0.8% and Melbourne up 0.1%.
Adelaide and Canberra unit prices were steady over the month.
Quarterly Median Unit Prices March 2026
| Median | Month | This Year | 1 Year | 2 Year | |
| Sydney | $819,533 | 0.8% | 1.3% | 5.2% | 7.7% |
| Melbourne | $584,135 | 0.1% | -2.3% | 4.5% | 3.5% |
| Brisbane | $762,345 | 1.7% | 7.3% | 27.0% | 53.0% |
| Adelaide | $619,861 | 0.0% | -1.6% | 14.7% | 33.3% |
| Perth | $683,598 | 4.1% | 10.2% | 29.8% | 53.9% |
| Hobart | $570,788 | 3.1% | 6.4% | 2.3% | 15.3% |
| Darwin | $449,955 | 1.8% | 4.8% | 18.7% | 25.1% |
| Canberra | $501,883 | 0.0% | -1.1% | -0.5% | -1.7% |
| National | $725,206 | 0.9% | 1.5% | 8.7% | 13.3% |
Similar to houses, Perth, Brisbane, Darwin and Adelaide continue to record clearly the highest annual unit price growth to March 2026. up by 29.8%, 27.0%, 18.7% and 14.7% respectively.
Comment
Capital city housing markets have remained resilient in March despite another RBA interest rate increase following the February rise, with all capitals reporting either higher or steady home prices.
Robust annual home price growth has continued for all capitals, with Brisbane, Adelaide, Perth and Darwin still reporting boomtime results.
Although 2026 is set to continue producing overall home price growth in most capitals, the rising spectre of further interest rate increases and elevated uncertainty over the outlook for inflation and the economy will dampen confidence.
Brisbane, Adelaide, Perth and Darwin, however, are again set to lead capital city outcomes for both houses and units - although unlikely to match the extraordinary 2025 results.
Underlying drivers continue to support housing market activity generally, although the outlook for RBA interest rates is more problematic, with inflation set to accelerate and economic activity to decline as a consequence of the recent sharp increase in oil prices.
The economy, however, remains strong; the jobless rate has recently increased as unemployment rises, but job growth remains robust.
Housing demand continues to outpace low and diminishing housing supply and although high post-COVID migration levels have clearly eased recently, numbers remain strong and will add to chronic housing undersupply supporting high rents and low vacancy rates generally in capital city rental markets.
Following a period of easing rental growth, the latest data is reporting continuing low home rental vacancy rates overall with signs that rents are predictably on the rise again.
High rents and higher prices continue to provide clear incentives for first home buyers and investors chasing solid investment returns.
Ongoing government initiatives to support first home buyers will increase demand and act to place upward pressure on prices.
Government proposals to manipulate housing demand through changes to the tax system however remain problematic with the real prospect of uncertain and unintended consequences.
Capital city housing markets generally recorded higher house and unit prices over 2023, 2024 and surged over 2025 fuelled by rising buyer and seller confidence through sharp cuts to interest rates.
Although 2026 is again likely to report higher home prices, significant uncertainty has recently emerged over the near-term future for already higher interest rates and economic activity.
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