By Michael Yardney February 23, 2026

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This week’s Australian Property Market Update – Latest Data, State by State February 24th 2026

Property Market News
This week’s Australian Property Market Update – Latest Data, State by State February 24th 2026

Key takeaways

If you judged the market this week by the mainstream headlines, you’d think we were staring down the barrel of a property downturn.

However, national dwelling values are still trending higher, auction activity is ticking up and auction clearance rates remained strong despite significantly more properties put up to market last week , and buyer engagement remains alive and well.

This week the data reminded us just how fragmented the Australian housing market has become. While some capitals are barely moving and others are quietly outperforming.

Sydney property prices dropped -0.1% over the last week, remained flat over the last month but are 6.1% higher than they were 12 months ago.

Melbourne property prices remained flat over the last week, also remained flat over the last month, and increased 5.2% compared to 12 months ago.

Brisbane property prices increased 0.3% over the last week, increased 1.5% over the last month and are 16.7% higher than they were 12 months ago.

Overall, Australian capital dwelling prices increased 0.6% over the last month and are now 9.5% higher than they were 12 months ago.

If you judged the market this week by the mainstream headlines, you’d think we were staring down the barrel of a property downturn.

Interest rates rose, affordability pressures are the dominant narrative, and confidence looks shaky. Or at least that’s the story being told.

Yet when you peel back the sensationalism and look at the numbers, a much calmer picture emerges.

National dwelling values are still trending higher, auction activity is ticking up and auction clearance rates remained strong despite significantly more properties put up to market last week , and buyer engagement remains alive and well.

This week the data reminded us just how fragmented the Australian housing market has become.

While some capitals are barely moving and others are quietly outperforming.

There’s an old investor adage: opportunity is often disguised as uncertainty.

This week’s results feel like exactly that. Short-term sentiment may have eased with the recent interest rate move, but underlying demand remains resilient.

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... over 2,800 auctions held across combined capitals last week

With 2,831 capital city homes taken to auction, it was the busiest week of auction activity since mid-December last year.

The volume of auctions is set to rise further this week, with approximately 3,400 homes currently scheduled to go under the hammer.

See Cotality's full auction report below.

This week, Cotality also reports that:

Sydney property prices dropped -0.1% over the last week, remained flat over the last month but are 6.1% higher than they were 12 months ago.
Melbourne property prices remained flat over the last week, also remained flat over the last month, and increased 5.2% compared to 12 months ago.

Brisbane property prices increased 0.3% over the last week, increased 1.5% over the last month and are 16.7% higher than they were 12 months ago.

Overall, Australian capital dwelling prices increased 0.6% over the last month and are now 9.5% higher than they were 12 months ago.

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

Melbourne Weekly Change 23 February

Melbourne Monthly Change 23 February

Melbourne 12 Month Change 23 February

Source: Cotality February 23rd 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.

Quartely 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 23rd 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	2,199.420	-10.200	0.5%	11.4%
All Units	906,684	2.816	0.7%	8.6%
Combined	1,671.407	-4.883	0.5%	10.6%

Source: SQM Research

Melbourne

Property type	Price ($)	Weekly Change	Monthly Change %	Annual % change
All Houses	1,329.471	-1.284	-2.1%	6.2%
All Units	680.713	4.187	1.5%	10.7%
Combined	1,124.008	0.449	-1.5%	6.9%

Source: SQM Research

Brisbane

Property type	Price ($)	Weekly Change	Monthly Change %	Annual % change
All Houses	1,434.651	-0.151	-0.2%	20.3%
All Units	886.391	-1.191	-0.4%	27.7%
Combined	1,296.240	-0.414	-0.2%	21.4%

Source: SQM Research

Perth

Property type	Price ($)	Weekly Change	Monthly Change %	Annual % change
All Houses	1,218.667	1.934	1.6%	10.3%
All Units	779.354	6.195	1.6%	28.0%
Combined	1,103.300	3.053	1.6%	13.2%

Source: SQM Research

Adelaide

Property type	Price ($)	Weekly Change	Monthly Change %	Annual % change
All Houses	1,165.791	3.009	-1.3%	16.1%
All Units	621.182	-2.996	1.3%	18.0%
Combined	1,067.689	1.927	-1.1%	16.3%

Source: SQM Research

Canberra

Property type	Price ($)	Weekly Change	Monthly Change %	Annual % change
All Houses	1,253.687	-2.687	-1.4%	5.3%
All Units	614.151	-2.526	-0.6%	2.4%
Combined	1,011.939	-2.626	-1.3%	4.1%

Source: SQM Research

Darwin

Property type	Price ($)	Weekly Change	Monthly Change %	Annual % change
All Houses	811.289	5.711	3.5%	12.4%
All Units	480.716	2.784	2.2%	18.9%
Combined	681.276	4.560	3.1%	14.1%

Source: SQM Research

Hobart

Property type	Price ($)	Weekly Change	Monthly Change %	Annual % change
All Houses	892.007	0.038	0.6%	10.0%
All Units	516.109	0.591	-0.8%	2.6%
Combined	834.515	0.122	0.5%	9.2%

Source: SQM Research

National

Property type	Price ($)	Weekly Change	Monthly Change %	Annual % change
All Houses	1,089.311	5.672	1.5%	13.2%
All Units	647.677	2.580	1.8%	12.9%
Combined	993.336	5.000	1.6%	13.1%

Source: SQM Research

Cap City Average

Property type	Price ($)	Weekly Change	Monthly Change %	Annual % change
All Houses	1,579.396	-5.743	-0.3%	10.8%
All Units	806.483	3.059	1.1%	12.7%
Combined	1,348.030	-3.108	-0.1%	10.9%

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

Over 2,800 auctions held across combined capitals last week

With 2,831 capital city homes taken to auction, it was the busiest week of auction activity since mid-December last year.

The volume of auctions is set to rise further this week, with approximately 3,400 homes currently scheduled to go under the hammer.

The weighted average preliminary auction clearance rate across the combined capitals has been fading as auction activity rises, reducing from 73.7% (w/e 8th February) to 70.7% (w/e 15th February) to 68.0% last week. Despite the easing, clearance rates are holding above the lows of mid-December, which plumbed the low 60% range.

Capital City Auction Statistics 23 February

Melbourne remains the auction volume epicentre, with 1,395 homes taken to auction last week, a solid 67% jump on the volume of auctions a week earlier.

Scheduled auctions are even higher this week, with around 1,660 homes set to go under the hammer before dropping to around 530 next week due to the upcoming Labour Day public holiday.

Melbourne’s preliminary clearance rate reduced to 68.1% last week, down from 70.6% the week prior.

997 auctions were held in Sydney last week, a 29% rise from the week prior.

The preliminary clearance rate is trending lower, reducing to 67.1% last week, down from 70.1% the previous week and 79.6% the week before that.

Brisbane was home to 156 auctions last week, with 66.7% reporting a positive result so far, down from 70.9% the week prior.

142 auctions were held in Adelaide last week with 82.6% reporting a successful outcome, by far the highest preliminary clearance rate of any capital city.

The ACT saw 122 auctions last week, with only 58.6% recording a positive outcome so far.

There were 15 auctions held in Perth last week, returning a preliminary clearance rate of 72.7%, while so far, just one of the three auctions reported in Tasmania has been successful.

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