Key takeaways
Australian property prices continue to soften, with capital city dwelling values down 1.1% over the month and 0.5% over the year. However, performance varies significantly between cities.
Auction volumes jumped 15.6% last week for a pre football final Super Saturday, but the preliminary clearance rate fell to 54.0%. Buyers remain cautious and price sensitive.
Rental markets remain tight, with the national vacancy rate at 1.9% and rents continuing to rise. National gross rental yields have climbed to 3.79%, their highest since 2019.
New property listings remain constrained, sitting 3.1% below last year and 6.4% below the five-year average. This is limiting the amount of stock available to buyers.
Properties are taking longer to sell, with the national median reaching 39 days compared with 28 days a year ago. Softer conditions are giving buyers more time and negotiating power.
None of this changes my long-term view. Well-located, investment-grade properties will keep outperforming through this phase of the cycle, and current conditions are giving prepared investors more negotiating room than they've had in years.
Australia’s property market continues to adjust, and the latest data reinforces something I’ve been saying for some time: there is no single Australian property market.
One of the key developments this week was confirmation that the post-pandemic migration surge continues to ease. Net overseas migration fell to 292,100 in the year to March 2026, although Australia’s population still grew by almost 393,000 people, maintaining underlying demand for housing.
At the same time, the total value of Australian residential property fell by $34.1 billion in the June quarter, but the national figure hides very different outcomes. Values declined in New South Wales and Victoria while increasing across most other states.
Affordability also remains a significant constraint, with more buyers compromising on property type - moving to townhouses and apartments - rather than simply moving further from the CBD, supporting demand for well-located apartments and townhouses.
For investors, this increasingly fragmented market makes property selection even more important.
Softer conditions are providing financially prepared buyers with more choice and negotiating power, and I expect quality, investment-grade properties to continue outperforming secondary assets.
On the auction front this week... capital city auction volumes lift 15.6% as clearance rates ease to 54.0%
The preliminary clearance rate across the combined capital cities decreased by 4.6 percentage points last week to 54.0%, following two consecutive weeks of increases.
Despite the decrease, auction markets remained above the winter average of a 52.3% preliminary clearance rate
See Cotality's full auction report below.
This week, Cotality also reports that:
- Sydney property prices declined -0.3% over the last week, also declined -1.2% over the last month, and are -6.1% lower than they were 12 months ago.
- Melbourne property prices declined -0.2% over the last week, also declined -0.8% over the last month, are -5.8% lower compared to 12 months ago.
- Brisbane property prices declined -0.4% over the last week, declined -1.3% over the last month and are 8.5% higher than they were 12 months ago.
Overall, Australian capital dwelling prices declined -1.1% over the last month and are now -0.5% lower than they were 12 months ago.
Clearly, the property cycle is moving on but our markets are very fragmented.
Source: Cotality September 21st 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.
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 21st September 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 | 2,056.891 | 11.108 | 0.6% | -1.3% |
| All Units | 890.766 | -2.266 | -0.2% | 1.7% |
| Combined | 1,579.770 | 5.636 | 0.4% | -0.8% |
Source: SQM Research
Melbourne
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 1,299.153 | -3.689 | -0.2% | -0.3% |
| All Units | 679.963 | 0.925 | 0.3% | 6.0% |
| Combined | 1,103.560 | -2.231 | -0.1% | 0.9% |
Source: SQM Research
Brisbane
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 1,342.256 | -9.366 | -2.0% | 4.6% |
| All Units | 833.494 | -1.794 | -1.7% | 8.1% |
| Combined | 1,213.032 | -7.442 | -1.9% | 5.1% |
Source: SQM Research
Perth
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 1,243.646 | -8.597 | -2.9% | 6.2% |
| All Units | 772.093 | -4.137 | -1.6% | 14.1% |
| Combined | 1,119.513 | -7.423 | -2.7% | 7.5% |
Source: SQM Research
Adelaide
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 1,105.118 | -10.699 | -0.3% | 3.9% |
| All Units | 636.416 | 3.084 | 0.7% | 10.7% |
| Combined | 1,020.439 | -8.209 | -0.2% | 4.6% |
Source: SQM Research
Canberra
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 1,228.382 | 0.743 | -0.2% | -1.5% |
| All Units | 604.989 | -1.489 | 0.2% | 4.0% |
| Combined | 990.000 | -0.111 | -0.1% | -0.7% |
Source: SQM Research
Darwin
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 831.442 | -14.442 | -2.7% | 6.7% |
| All Units | 483.350 | 0.400 | -0.7% | 9.7% |
| Combined | 694.555 | -8.605 | -2.2% | 7.5% |
Source: SQM Research
Hobart
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 903.715 | -7.806 | -0.4% | 6.3% |
| All Units | 529.107 | -0.507 | -1.5% | 8.9% |
| Combined | 846.216 | -6.685 | -0.5% | 6.5% |
Source: SQM Research
National
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 1,064.531 | -4.167 | -0.2% | 4.0% |
| All Units | 656.149 | -1.385 | -0.6% | 8.3% |
| Combined | 975.432 | -3.560 | -0.3% | 4.5% |
Source: SQM Research
Cap City Average
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 1,514.192 | 0.001 | -0.3% | 0.4% |
| All Units | 790.544 | 0.245 | -0.5% | 4.1% |
| Combined | 1,296.816 | 0.074 | -0.4% | 1.0% |
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.
READ MORE: The latest median property prices in Australia’s major cities
Last weekend's auction report
Capital city auction volumes lift 15.6% as clearance rates ease to 54.0%
The preliminary clearance rate across the combined capital cities decreased by 4.6 percentage points last week to 54.0%, following two consecutive weeks of increases.
This decline coincided with a 15.6% rise in auction volumes and deteriorating interest rate expectations prior to the Reserve Bank's monetary policy board meeting on 29 September.
Despite the decrease, auction markets remained above the winter average of a 52.3% preliminary clearance rate.
Auction volumes had, for the sixth week in a row, fallen by more than 30% compared to the same time last year.
This shortfall was due to fewer new listings coming onto the market in the spring and also because fewer vendors decided to sell by auction, since clearance rates have been low and there are few registered bidders.
- Also read:This week’s Australian Property Market Update – Latest Data, State by State September 22nd 2026
- Also read:Latest Property Price Forecasts. Australian Property Market Outlook 2026-2027: Navigating a Market Correction
- Also read:Brisbane Property Market Forecast [2026 & Beyond] – What The Olympics Decade Means for Investors.
- Also read:Sydney property market forecast for 2026 and 2027 | Why the short-term softness is a long-term opportunity
- Also read:Melbourne property market forecast for 2026 & 2027 | Separating the fundamentals from the sentiment
Melbourne held 900 auctions, almost half (49%) of all capital city auctions, up 26.8% from the previous week.
Its preliminary clearance rate slumped 7.0 percentage points to 56.3%, the weakest in three weeks.
Auction volumes are set to fall sharply this week, with around 280 currently scheduled because of the AFL Grand Final long weekend.
Across Sydney, 577 homes went to auction, a 5.3% rise in auction volumes on the week, though that was 36.9% fewer than a year ago.
Auction activity is expected to rise sharply this week, with about 935 homes currently scheduled to go under the hammer.
If all the scheduled auctions proceed, it would be the highest weekly auction volume since late May, when 977 were held.
The preliminary clearance rate was 54.2%, down 5.4 percentage points on the previous week and the lowest early success rate in seven weeks.
In Brisbane, the preliminary clearance rate was 37.5%, a decline of 4.1 percentage points from the previous week and closely aligned with the winter average of 37.2%.
Auction volumes rose 3.0% to 174, up 1.8% from the same week last year.
Adelaide experienced a significant 43% increase in auction volumes, reaching 113 auctions.
The preliminary clearance rate also improved, rising by 2.6 percentage points to 58.2%, the city’s strongest early result in five weeks.
In Canberra, 58 auctions were held, consistent with the previous week but 44% lower than the corresponding week last year.
The preliminary clearance rate increased by 10.6 percentage points to 57.5%, positioning it 12.1 percentage points above the winter average of 45.4%.
Ten auctions were held in Perth, half of them reporting a successful result so far, while Tasmania had none.
Our rental markets
Cotality's the national vacancy rate crept higher in August, reaching 1.9%, its highest level since January 2025 and up from the record low of 1.5% recorded in February this year.
Although vacancy rates have drifted higher, rental markets remain tight by historical standards, with the national vacancy
rate still well below the pre-COVID decade average of 3.3%.
The latest result continues a period of exceptionally low rental availability, with vacancy rates mostly holding below 2%
nationally since early 2022.
Sydney is now recording the highest rental vacancy rate among the mainland capital cities at 2.2%, while Adelaide continues to have the tightest rental market, with a vacancy rate of just 1.3%.
With vacancy rates remaining low, rental values continue to rise across every broad region of the country.
Nationally, Cotality's rental index increased 0.4% in seasonally adjusted terms over August, matching the July increase and broadly in line with the average monthly rise over the past two years.
With rents rising and home values falling, gross rental yields have continued to trend higher.
At 3.79%, the national gross rental yield is at its highest level since September 2019.
While yields are substantially higher in smaller capital cities such as Darwin (6.3%) and Hobart (4.4%), gross yields across the larger capitals remain well below the level required to achieve a neutral cash flow position for most investors.
Sydney
| Property Type | Rent ($) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $1,142.71 | 9.29 | 0.7% | 5.3% |
| All Units | $755.32 | -1.31 | -0.2% | 5.1% |
| Combined | $912.52 | 2.99 | 0.2% | 5.2% |
Source: SQM Research
Melbourne
| Property Type | Rent ($) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $826.40 | -0.39 | 1.2% | 7.8% |
| All Units | $599.06 | -3.05 | -1.1% | 4.0% |
| Combined | $694.79 | -1.94 | 0.1% | 6.0% |
Source: SQM Research
Brisbane
| Property Type | Rent ($) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $838.67 | -1.67 | -0.6% | 8.6% |
| All Units | $647.67 | -2.67 | 0.3% | 5.5% |
| Combined | $752.57 | -2.12 | -0.3% | 7.3% |
Source: SQM Research
Perth
| Property Type | Rent ($) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $891.76 | 0.24 | -0.3% | 8.7% |
| All Units | $670.72 | 6.28 | 2.2% | 3.1% |
| Combined | $800.71 | 2.73 | 0.6% | 6.8% |
Source: SQM Research
Adelaide
| Property Type | Rent $) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $698.29 | -0.30 | 1.4% | 4.1% |
| All Units | $557.96 | -0.96 | 1.6% | 7.6% |
| Combined | $651.16 | -0.52 | 1.4% | 5.2% |
Source: SQM Research
Canberra
| Property Type | Rent ($) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $792.78 | -0.78 | -1.9% | 2.2% |
| All Units | $598.99 | -2.99 | -1.0% | 5.5% |
| Combined | $685.70 | -2.00 | -1.5% | 3.6% |
Source: SQM Research
Darwin
| Property Type | Rent ($) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $823.84 | 0.17 | -0.4% | 8.1% |
| All Units | $666.03 | -1.03 | 0.4% | 17.3% |
| Combined | $730.77 | -0.54 | 0.0% | 12.9% |
Source: SQM Research
Hobart
| Property Type | Rent 9$) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $613.45 | -2.46 | -4.0% | 3.7% |
| All Units | $560.74 | -26.75 | -2.0% | 14.0% |
| Combined | $592.50 | -12.11 | -3.3% | 7.4% |
Source: SQM Research
National
| Property Type | Rent ($) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $781.00 | 5.00 | 0.4% | 7.3% |
| All Units | $615.00 | -3.00 | 0.3% | 7.5% |
| Combined | $704.22 | 1.30 | 0.4% | 7.4% |
Source: SQM Research
Cap City Average
| Property Type | Rent ($) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $928.00 | 3.00 | 1.0% | 6.9% |
| All Units | $678.00 | -2.00 | 0.0% | 4.6% |
| Combined | $795.33 | 0.34 | 0.5% | 5.9% |
Source: SQM Research
Here's how many properties are for sale at the moment
The flow of new listings is 3.1% lower nationally than at the same time last year and 6.4% below the five-year average.
New listing volumes have now fallen below the levels recorded over the past three years, reversing the trend seen earlier in the year, when listing activity was comparatively stronger, close to the five-year average and above year-ago levels.
Vendor metrics
Compared to a year ago, homes are taking slightly longer to sell.
Selling conditions continue to lose momentum, with homes taking a median of 39 days to sell, compared to 28 days a year earlier.
Canberra is experiencing the longest median selling time at 51 days, while Sydney and Melbourne follow at 45 and 43 days, respectively.
Perth is fastest at 22 days, though that is up from 12 days a year ago. Adelaide, Hobart, Darwin and Brisbane range from 31 to 35 days.
The median time on market across regional areas has risen to 42 days, closely approaching the 43-day peak observed in February 2025.
