Cotality’s daily dwelling values index for June shows that home values across the combined capital cities ended the month far softer than when they began, reflecting the collapse in the auction clearance rates to below 50%.
Over the month of June, values at the 5-city aggregate level declined by 0.6%, led by Sydney (-1.2%) and Melbourne (-1.0%). However, the sharp slowing of momentum in the mid-sized capitals was the key development, with Adelaide ending the month flat (0% change), Brisbane recording only modest growth (0.2%), and Perth slowing rapidly, albeit still solid (0.7%).
The 28-day moving average shows the sharp slowing of price growth across all major markets over the month of June:
In fact, over the past 28 days, Adelaide (-0.1%) has recorded price falls and Brisbane (0.1%) is about to join it.
Over the June quarter, Cotality recorded a 0.9% decline in values at the 5-city aggregate level, led by Sydney (-2.9%) and Melbourne (-2.6%).
Whereas over the first half of 2026, values rose by only 0.6% at the 5-city aggregate level, held down by Sydney (-3.1%) and Melbourne (-3.7%), but supported by strong growth in Brisbane (6.6%), Adelaide (4.9%), and Perth (10.3%).
Thus, the growth in Australian dwelling values was front-loaded, with values accelerating lower in May and June.
Prices nationally should continue to accelerate downward over the second half given that for-sale listings are piling up – tracking 10.7% higher across the combined capital cities versus one year ago:
Source: Cotality
Buyer confidence is shot, the economy is weakening, investors have abandoned the market, and the Reserve Bank is unlikely to deliver any interest rate relief until next year, if at all (rates could still rise).
As a result, the conditions are in place for a significant price correction that runs well into 2027.
