This Week's Australian Property Market Update – Latest Data, State by State

Week ending 23 June 2026

Executive Summary

Australia's property market entered a more cautious phase during the week ending 23 June 2026. The Reserve Bank held the cash rate at 4.35%, while inflation and affordability continued to weigh on buyer confidence. Auction activity weakened, but strong population growth, tight rental markets and limited housing supply continued to support long-term fundamentals.

Key Takeaways

Sydney and Melbourne softened while Brisbane, Perth and Adelaide remained stronger.

Economic Update

The Reserve Bank kept interest rates unchanged after earlier increases this year. The decision reflects easing economic activity but ongoing concerns about inflation. Buyers remain cautious due to higher borrowing costs, resulting in lower auction clearance rates and slower housing demand. However, Australia's structural undersupply of housing and continued migration continue to provide support to prices over the medium term.

National Property Market

Housing values across Australia's capital cities have moderated rather than collapsed. Market performance varies significantly by location, with investors focusing more on quality assets than broad market momentum. Rental yields continue to improve as rents rise faster than dwelling values.

Capital City Property Prices

Auction Market

Auction conditions softened further. The combined capital city preliminary clearance rate declined to 47.4%, the weakest reading since April 2020. Sydney recorded a 47.4% clearance rate, Melbourne 50.6%, Brisbane 33.3%, Adelaide 40.0%, Canberra 47.1% and Perth 40.0%. Approximately 1,869 homes were auctioned across the capitals, down 10.8% from the previous week.

Rental Market

State-by-State Commentary

Sydney: Prices continued to soften as affordability pressures reduced buyer demand.

Melbourne: Values remained weak although premium markets showed resilience.

Brisbane: Annual growth remained among the strongest despite easing momentum.

Perth: One of the strongest performing markets supported by supply shortages.

Adelaide: Continued steady growth with resilient owner-occupier demand.

Canberra: Stable conditions with modest annual growth.

Darwin: Strong annual growth supported by improving rental demand.

Hobart: Market stabilised after previous declines.

Outlook

The market is expected to remain selective throughout the remainder of 2026. Interest rates, affordability and consumer confidence will continue to influence short-term activity, while low housing supply, migration and resilient rental markets should underpin long-term performance. Investors should focus on high-quality assets in locations with strong employment, infrastructure and population growth.