Buyer activity weakens as listings rise in key markets
Cotality’s national home value index increased by 0.3% in April, marking the weakest monthly rise since January 2025, before last year’s rate-cutting cycle began.
The result was held back by declines in Australia’s two largest housing markets. Values in Sydney and Melbourne each fell by 0.6% over the month.
Sydney dwelling values are now 1% below their November peak, while Melbourne values are 1.9% lower than their November 2025 cyclical high and 2.3% below the peak recorded in March 2022.
All capital cities reported slower growth in April, although market conditions continue to vary widely.
| National Home Value Index results as at 30 April 2026 | |||||
|---|---|---|---|---|---|
| Month | Quarter | Annual | Total return | Median value | |
| Sydney | -0.6% | -0.9% | 4.2% | 7.3% | $1,292,157 |
| Melbourne | -0.6% | -1.5% | 2.0% | 5.5% | $822,969 |
| Brisbane | 1.2% | 4.7% | 19.7% | 23.7% | $1,116,180 |
| Adelaide | 1.1% | 3.5% | 12.2% | 16.3% | $944,673 |
| Perth | 2.1% | 6.8% | 26.0% | 31.0% | $1,039,949 |
| Hobart | 0.2% | 2.6% | 8.5% | 13.2% | $744,296 |
| Darwin | 1.3% | 3.0% | 19.6% | 27.2% | $619,351 |
| Canberra | 0.0% | 0.4% | 5.6% | 9.9% | $898,242 |
| Combined capitals | 0.2% | 1.1% | 9.1% | 12.6% | $1,031,838 |
| Combined regional | 0.9% | 3.1% | 12.0% | 16.9% | $765,769 |
| National | 0.3% | 1.6% | 9.8% | 13.6% | $940,048 |
| Source: Cotality | |||||
Perth remained one of the strongest markets, but its pace of increase moderated. Dwelling values rose by 2.1% in April, adding more than $21,000 to the median value.
Brisbane, Adelaide and Darwin also recorded slower monthly gains, though each still posted growth of more than 1%.
“The housing market was losing momentum from late last year as affordability and serviceability constraints weighed on demand,” said Tim Lawless (pictured right), research director at Cotality. “Now, we have the additional downside pressure of higher interest rates, sentiment has fallen off a cliff, and rising inflation is set to drive the cost of debt even higher.”
The softer price growth has coincided with a fall in buyer activity. Cotality estimates that home sales across the capitals over the past three months were 5.4% lower than the same period a year earlier and 7.4% below the previous five-year average.
Listings have also risen in the weaker markets. Advertised stock in Sydney is 9.4% above the five-year average, while Melbourne is 2.2% above average.
In the mid-sized capitals, supply remains relatively tight, but advertised listings are also increasing from low levels. Stock in these markets remains below normal for this time of year.
Auction results are reflecting the change in market balance. Clearance rates have remained below 55% since the final week of March.
Growth is now more concentrated in the lower-priced segments of the market. Each capital city is recording stronger growth in the lower quartile, as buyers focus on areas where credit access and first-home buyer incentives have more influence.
“The largest difference between upper and lower quartile value growth is in Sydney, where lower-tier house values are up 2.9% year-to-date compared with a 3.3% fall across the most expensive quarter of the market,” Lawless said.
Regional markets have held up better than the capitals, supported by lower dwelling values and above-average internal migration. Over the first four months of the year, the combined regional index rose by 4.2%, compared with a 1.8% increase across the combined capitals.
However, regional momentum is also easing. The 0.9% rise in April was the smallest monthly increase in nine months.
Among SA4 regional markets, the strongest growth over the first four months of the year was recorded in Bunbury in Western Australia, where values rose by 9.8%. Darling Downs-Maranoa in Queensland increased by 7.9%, while Far West and Orana in New South Wales gained 7.5%.
No regional SA4 market recorded a fall in values over the first four months of the year.
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