Key takeaways
Australian capital city dwelling values fell 1.1% over the past month and are now 1% lower than a year ago. Sydney and Melbourne remain the weakest major markets.
Auction conditions softened further, with volumes falling 22.4% and the preliminary clearance rate dropping to a ten-week low of 50.3%. Melbourne recorded a preliminary clearance rate of just 48.8%.
Rental markets remain tight, with the national vacancy rate at 1.9%. National gross rental yields have risen to 3.79%, their highest level since September 2019.
New listings are 3.1% lower than a year ago and 6.4% below the five-year average. Reduced stock is helping provide some support to property markets despite softer buyer demand.
Homes are taking longer to sell, with the national median reaching 39 days compared with 28 days a year ago. Buyers have more time and negotiating power in the current market.
Both buyer and seller sentiment have weakened this week with the anticipation of another interest rate rise from the RBA this month, resulting in continuing softening of Australia’s property markets, but the headline numbers disguise very different conditions across the country.
Capital city dwelling values fell 1.1% over the past month and are now 1% lower than a year ago.
Sydney and Melbourne remain the weakest major markets, down 6.6% and 6.1% respectively over the year, while Brisbane values are still 7.6% higher despite recent falls.
And once again, these broad averages hide significant differences between cities, suburbs and property types.
National asking prices remain 3.3% higher for houses and 7.9% higher for units over the year, reinforcing the fragmented nature of our markets.
Meanwhile, sellers are facing more cautious buyers. New listings are 3.1% lower than a year ago, but homes are taking a median of 39 days to sell compared with 28 days a year earlier.
Rental markets remain tight, with the national vacancy rate at 1.9%, while rising rents and softer property values have pushed gross rental yields to 3.79%, their highest level since September 2019.
For investors, this is increasingly a market where property selection matters more than following the averages.
Softer conditions are giving financially prepared buyers more choice and negotiating power, while quality, investment-grade properties should continue to outperform secondary assets.
On the auction front this week...auction volumes drop 22.4% as preliminary clearance rate hits a ten-week low
Last week, clearance rates were lower across most capital cities, and the weighted average preliminary result of 50.3% was the lowest in ten weeks.
Melbourne's preliminary clearance rate of 48.8% weighed on the result, with auction volumes in the city almost 70% lower than the previous week due to the long weekend.
See Cotality's full auction report below.
This week, Cotality also reports that:
- Sydney property prices declined -0.4% over the last week, also declined -1.2% over the last month, and are -6.6% lower than they were 12 months ago.
- Melbourne property prices declined -0.2% over the last week, also declined -0.7% over the last month, are -6.1% lower compared to 12 months ago.
- Brisbane property prices declined -0.3% over the last week, declined -1.3% over the last month and are 7.6% higher than they were 12 months ago.
Overall, Australian capital dwelling prices declined -1.1% over the last month and are now -1% lower than they were 12 months ago.
Clearly, the property cycle is moving on but our markets are very fragmented.
Source: Cotality September 28th 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 28th 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 ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 2,073.473 | 7.582 | 1.6% | -1.0% |
| All Units | 888.008 | -2.708 | -1.0% | 1.0% |
| Combined | 1,588.439 | 3.372 | 1.0% | -0.6% |
Source: SQM Research
Melbourne
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 1,296.921 | -2.481 | -0.5% | -0.5% |
| All Units | 680.390 | 0.427 | 0.4% | 5.5% |
| Combined | 1,102.169 | -1.563 | -0.3% | 0.7% |
Source: SQM Research
Brisbane
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 1,334.770 | -7.486 | -2.5% | 3.3% |
| All Units | 830.260 | -2.660 | -1.6% | 6.8% |
| Combined | 1,206.626 | -6.260 | -2.3% | 3.8% |
Source: SQM Research
Perth
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 1,236.617 | -8.217 | -2.4% | 6.4% |
| All Units | 768.246 | -4.147 | -1.9% | 13.7% |
| Combined | 1,113.322 | -7.146 | -2.3% | 7.6% |
Source: SQM Research
Adelaide
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 1,103.559 | -2.700 | -1.0% | 3.8% |
| All Units | 637.408 | 1.092 | 0.5% | 10.3% |
| Combined | 1,019.341 | -2.015 | -0.9% | 4.4% |
Source: SQM Research
Canberra
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 1,228.691 | 0.309 | 0.2% | -0.8% |
| All Units | 603.557 | -1.432 | -0.4% | 4.3% |
| Combined | 989.643 | -0.357 | 0.0% | -0.2% |
Source: SQM Research
Darwin
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 821.721 | -9.721 | -2.9% | 3.6% |
| All Units | 492.050 | 8.700 | 1.2% | 11.8% |
| Combined | 692.078 | -2.477 | -1.8% | 5.7% |
Source: SQM Research
Hobart
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 904.266 | 0.552 | -0.6% | 6.5% |
| All Units | 527.104 | -2.004 | -1.6% | 8.7% |
| Combined | 846.376 | 0.160 | -0.7% | 6.6% |
Source: SQM Research
National
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 1,064.241 | -0.274 | -0.5% | 3.3% |
| All Units | 655.586 | -0.564 | -1.2% | 7.9% |
| Combined | 975.082 | -0.337 | -0.6% | 3.9% |
Source: SQM Research
Cap City Average
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 1,516.945 | -2.877 | 0.1% | 0.5% |
| All Units | 788.393 | -2.109 | -1.2% | 3.5% |
| Combined | 1,298.096 | -2.646 | -0.2% | 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
Auction volumes drop 22.4% as preliminary clearance rate hits a ten-week low
Last week, clearance rates were lower across most capital cities, and the weighted average preliminary result of 50.3% was the lowest in ten weeks.
Melbourne's preliminary clearance rate of 48.8% weighed on the result, with auction volumes in the city almost 70% lower than the previous week due to the long weekend.
Adelaide's preliminary clearance rate also dropped sharply, to 39.3%.
- Also read:This week’s Australian Property Market Update – Latest Data, State by State September 29th 2026
- Also read:Where should I buy my next investment property in Australia?
- 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
It was a quieter week for auctions across the combined capitals, with 1,428 homes going under the hammer. That's 22.4% fewer than the week before and 17.7% fewer than this time last year.
Sydney held the most auctions last week, with 790 homes taken to auction. That was up 39% on the previous week but down 32% on a year ago, and the city's busiest week since the final week of May, when 977 auctions were held.
Vendors brought more homes to auction ahead of the Labour Day long weekend, with only 390 auctions scheduled for this week.
Sydney's preliminary clearance rate fell 0.6 percentage points to 53.6%, the lowest in eight weeks but slightly above the winter average of 52.9%.
In Melbourne, 286 auctions were held over the long weekend, 69% fewer than the previous week but 28% more than during last year's Grand Final week.
The preliminary clearance rate fell 7.5 percentage points to 48.8%, the lowest since early September 2021.
In Brisbane, the preliminary clearance rate rose 5.1 percentage points to 42.6%. The city held 144 auctions, down 18.2% on the previous week and 2.7% on a year ago.
Brisbane's preliminary clearance rate was below 50% in 18 of the past 19 weeks.
Adelaide had 103 auctions, 8.0% fewer than the previous week but 32.1% more than a year ago. Only 39.3% of reported auctions were successful, down 18.9 percentage points on the previous week.
It was the second time this year the preliminary clearance rate was below 40%.
The preliminary clearance rate in Canberra decreased by 3.7 percentage points to 53.8%, remaining above the winter average of 45.4%.
The city held 82 auctions, an increase of 46% from the previous week but a decrease of 29% compared to the same period last year.
A further 21 auctions were held in Perth, where the preliminary clearance rate was 42.9%, and 2 were held in Tasmania.
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 | $1,148.10 | 5.89 | 1.5% | 5.6% |
| All Units | $753.72 | -1.72 | -0.6% | 4.7% |
| Combined | $913.76 | 1.37 | 0.4% | 5.2% |
Source: SQM Research
Melbourne
| Property Type | Rent ($) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $827.20 | 0.80 | 0.7% | 7.7% |
| All Units | $597.47 | -1.46 | -1.2% | 3.7% |
| Combined | $694.21 | -0.51 | -0.2% | 5.8% |
Source: SQM Research
Brisbane
| Property Type | Rent ($) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $839.33 | 0.66 | -0.7% | 7.7% |
| All Units | $647.96 | 0.04 | 0.4% | 5.5% |
| Combined | $753.07 | 0.38 | -0.3% | 6.8% |
Source: SQM Research
Perth
| Property Type | Rent ($) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $892.38 | 0.62 | -0.3% | 7.8% |
| All Units | $669.11 | -1.11 | 1.0% | 2.6% |
| Combined | $800.41 | -0.09 | 0.1% | 6.0% |
Source: SQM Research
Adelaide
| Property Type | Rent $) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $694.96 | -4.96 | 0.7% | 3.5% |
| All Units | $553.48 | -4.48 | 0.5% | 6.9% |
| Combined | $647.44 | -4.80 | 0.6% | 4.5% |
Source: SQM Research
Canberra
| Property Type | Rent ($) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $799.58 | 7.42 | -0.6% | 3.7% |
| All Units | $595.99 | -3.00 | -1.3% | 4.7% |
| Combined | $687.09 | 1.67 | -1.0% | 4.0% |
Source: SQM Research
Darwin
| Property Type | Rent ($) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $812.92 | -10.92 | 1.0% | 9.7% |
| All Units | $665.52 | -0.51 | 0.3% | 16.3% |
| Combined | $725.99 | -4.78 | 0.7% | 13.2% |
Source: SQM Research
Hobart
| Property Type | Rent 9$) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $616.35 | 0.65 | -3.3% | 3.2% |
| All Units | $544.12 | -17.12 | -2.3% | 11.4% |
| Combined | $587.64 | -6.41 | -3.0% | 6.1% |
Source: SQM Research
National
| Property Type | Rent ($) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $784.00 | 3.00 | 1.2% | 7.5% |
| All Units | $611.00 | -4.00 | -1.3% | 6.8% |
| Combined | $703.98 | -0.24 | 0.2% | 7.3% |
Source: SQM Research
Cap City Average
| Property Type | Rent ($) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $929.00 | 1.00 | 0.8% | 6.4% |
| All Units | $676.00 | -2.00 | -0.9% | 4.2% |
| Combined | $794.74 | -0.59 | 0.0% | 5.4% |
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.
