Latest Median Property Prices Across Major Australian Cities (2026 July Update)

Australia’s residential market recorded a notable downturn in July 2026, with national home values falling 0.7% month-on-month — the steepest single-month decline since December 2022. Cooling conditions have spread beyond Sydney and Melbourne, with previously resilient capital cities now showing early signs of price pressure.

As of late July 2026, the combined median house price across Australian capital cities stands at AUD 1,010,814, while the median apartment price is AUD 758,573. Regional Australia records a median residential value of AUD 769,867.

The national housing market is currently shaped by two opposing forces. Strong population growth, tight rental conditions and long-term undersupply continue to provide fundamental support for housing demand. Meanwhile, elevated interest rates, stricter lending criteria, reduced affordability and recent federal policy changes have dampened buyer activity, resulting in widespread market caution.

Important Note: Misleading Median Price Comparisons

Direct city-to-city comparisons using combined median prices can be inaccurate. Capital cities carry vastly different apartment stock ratios, which distort overall median figures. Melbourne’s apartment share stands at 33.0%, significantly higher than Perth (15.8%) and Adelaide (16.3%). A larger proportion of lower-priced apartments suppresses Melbourne’s overall median price, creating a misleading perception that its market is cheaper than Brisbane or Perth. For precise analysis, houses and apartments should be evaluated separately.

While median prices offer a general budget benchmark, they do not reflect individual property value. Condition, location, street exposure, topography and neighbourhood homogeneity create substantial price variations within the same suburb. Median data is most reliable in uniform, established residential areas and less accurate in highly diverse suburbs.

Capital City Market Overview

Sydney, NSW

All dwellings median: AUD 1,244,617

Month-on-month: -1.4% | Quarter-on-quarter: -4.0% | Year-on-year: -2.0%

Sydney’s housing market peaked in January 2026 and has corrected 5.3% from its cycle high. Price softening has accelerated in recent months. High interest rates continue to limit purchasing power, and a meaningful market recovery is unlikely until monetary easing begins in 2027.

Melbourne, VIC

All dwellings median: AUD 797,354

Month-on-month: -1.2% | Quarter-on-quarter: -3.4% | Year-on-year: -2.8%

Melbourne’s market peaked in November 2025 and has fallen 5.3% from its highest point. Higher stock levels, policy uncertainty and weaker investor sentiment have contributed to prolonged market cooling. Suburban divergence is prominent: premium, well-located properties remain resilient, while lower-quality stock faces extended selling times. Long-term fundamentals, including sustained migration and housing shortages, will continue to support values over time.

Brisbane, QLD

All dwellings median: AUD 1,104,094

Month-on-month: -0.6% | Quarter-on-quarter: -0.6% | Year-on-year: +14.8%

Brisbane has been one of Australia’s strongest-performing markets over the past five years, with peak cycle growth reaching 71.2%. The city recently recorded its first mild pullback after hitting highs in May 2026. Despite slowing momentum, premium residential stock continues to attract strong demand from owner-occupiers and long-term investors.

Adelaide, SA

All dwellings median: AUD 944,909

Month-on-month: -0.2% | Quarter-on-quarter: +0.1% | Year-on-year: +10.5%

Adelaide’s previous affordability-driven growth cycle has moderated noticeably. After five years of strong appreciation (68.5% peak growth), reduced pricing advantages and weaker auction clearance rates indicate a stabilizing market with limited short-term upside.

Perth, WA

All dwellings median: AUD 1,029,797

Month-on-month: +0.1% | Quarter-on-quarter: -0.3% | Year-on-year: +20.5%

Perth remains Australia’s strongest capital city market, continuing to set new record highs after years of flat performance. Solid annual gains reflect improved economic conditions and tight local supply. Growth momentum is expected to gradually moderate through the second half of 2026.

Hobart, TAS

All dwellings median: AUD 756,951

Month-on-month: +0.1% | Quarter-on-quarter: +1.4% | Year-on-year: +9.3%

Hobart’s market remains steady but relatively muted compared with previous boom cycles. Values are still slightly below the 2022 peak, with moderate annual appreciation and limited speculative activity.

Darwin, NT

All dwellings median: AUD 642,175

Month-on-month: +0.8% | Quarter-on-quarter: +2.4% | Year-on-year: +16.3%

Darwin retains the most affordable house market among all Australian capitals. Post-pandemic lifestyle-driven demand continues to support pricing, with current values holding at historic highs.

Canberra, ACT

All dwellings median: AUD 883,138

Month-on-month: -1.0% | Quarter-on-quarter: -2.1% | Year-on-year: +1.0%

Canberra’s market has softened significantly. Falling auction clearances and consistent monthly corrections have pushed values 4.2% below their cycle peak, reflecting broad buyer hesitation.

Market Summary & Outlook

Australia does not have a unified property market. City-level and suburb-level divergence continues to define current conditions. High interest rates are suppressing short-term transaction activity, while population growth, persistent rental pressure and structural housing undersupply provide strong long-term support.

The market is increasingly quality-driven. Premium properties with superior location, infrastructure and land value demonstrate stronger resilience, while lower-tier stock faces longer sales cycles and higher price flexibility. Median price data serves only as a basic reference; comprehensive investment analysis requires evaluation of local fundamentals, supply-demand balance and individual property quality.