Australia’s housing market eased in April, with the national home value index rising just 0.3% over the month. That is the slowest pace of growth since January 2025 and a signal that the market is shifting into a more measured phase.
The national median dwelling value now sits at $940,048.
Sydney and Melbourne led the slowdown, each recording a 0.6% monthly decline. Sydney values are now 1.0% below their November 2025 peak, while Melbourne sits 2.3% below its March 2022 high. For owners in those cities, these movements are modest in the context of long-term gains. Sydney values remain 4.2% higher than a year ago, and Melbourne is up 2.0% annually.
The picture looks very different elsewhere. Perth recorded 2.1% growth in April alone, adding more than $21,000 to a median dwelling value now approaching $1.04 million. Perth values have surged 26.0% over the past year. Brisbane and Adelaide also posted strong monthly gains of 1.2% and 1.1% respectively, with annual growth of 19.7% and 12.2%.
First Home Buyers Remain Confident
For first home buyers, the data contains a cautiously encouraging signal. Growth is concentrating in lower-priced segments of the market across every capital city. Affordability constraints and first-home buyer incentives are directing demand toward properties priced below the median, where competition remains strongest. In Sydney, lower-tier house values are up 2.9% year-to-date, compared with a 3.3% fall in the top quarter of the market.
Regions Continue Outperforming Capitals
Regional markets are also holding up well. The combined regionals index rose 0.9% in April and is up 12.0% annually, outpacing the combined capitals index of 9.1%. Regional Western Australia, Queensland, and New South Wales have all delivered strong returns over the past year. No regional sub-market recorded a value decline in the first four months of 2026.
Buyers Taking More Time
Sales activity has softened. Capital city home sales over the past three months were 5.4% below the same period last year and 7.4% below the five-year average. Auction clearance rates have held below 55% since late March. In Sydney and Melbourne, advertised listings are rising, giving buyers more choice and more time to decide.
Rents Up $38 Per Week
The rental market offers no relief for tenants. The national vacancy rates stand at just 1.6%, and rents rose a further 0.6% in April, up 5.7% over the year. That adds approximately $38 per week to the national median rent. The broader context matters here. Affordability is stretched, interest rates remain elevated, and financial markets are pricing in further rate increases through 2026. At the same time, tight housing supply and a resilient labour market continue to underpin values. For buyers and owners alike, understanding your specific local market will be more important than ever as conditions diverge further across cities, regions, and price points.
Monthly change in capital city home values
| MONTHLY | ANNUAL | |
| Sydney | ↓ 0.6% | ↑ 4.2% |
| Melbourne | ↓ 0.6% | ↑ 2.0% |
| Brisbane | ↑ 1.2% | ↑ 19.7% |
| Adelaide | ↑ 1.1% | ↑ 12.2% |
| Perth | ↑ 2.1% | ↑ 26.0% |
| Hobart | ↑ 0.2% | ↑ 8.5% |
| Darwin | ↑ 1.3% | ↑ 19.6% |
| Canberra | ↑ 0.0% | ↑ 5.6% |
| National | ↑ 0.3% | ↑ 9.8% |
DISCLAIMER
The following advice is of a general nature only and intended as a broad guide. The advice should not be regarded as legal, financial, or real estate advice. You should make your own inquiries and obtain independent professional advice tailored to your specific circumstances before making any legal, financial, or real estate decisions. Click here for full Terms of Use.