To date, Australia’s house price correction has been confined to the nation’s largest capital city markets – Sydney and Melbourne – where values have fallen by 3.0% (Sydney) and 3.6% (Melbourne) in 2026, according to Cotality.
However, the latest daily dwelling values index results from Cotality shows that the price correction has broadened to Brisbane and Adelaide, with Perth also slowing.
Over the week ended 29 June, dwelling values declined by 0.2% at the 5-city aggregate level, with all major markets except Perth recording value falls:
The following chart shows the change in dwelling values over a rolling 28-day period. As you can see, growth momentum has fallen sharply across all major markets, with Adelaide and Brisbane soon to join Sydney and Melbourne in negative territory.
The decline in dwelling value growth follows the latest final auction results rates from Cotality, which reported clearance rates below 50% across all capital city markets:
Cotality final auction results – week ended 21 June 2026
The data, therefore, indicates that Australia’s house price correction is broadening, driven by rising interest rates, the federal government’s changes to negative gearing and capital gains taxes, and falling buyer confidence.
