April 2026 Property Market Report
Edition 05
A sharper, data-led view of national momentum, city performance and near-term market pulse
National median
$922,838
Annual growth
9.9%
2026 house forecast
7.7%
This edition blends PropTrack, KPMG, SQM, Global Property Guide and RP Data to show where momentum is holding, where affordability is biting, and which capitals still have the strongest runway.
Prepared 1 April 2026 | Sources current to late March / early April 2026
Executive snapshot
• Regional markets are still outperforming. Global Property Guide shows regional dwelling values up 11.1% year-on-year versus 9.6% across the combined capitals, underlining the continued premium on relative affordability and lifestyle locations.
• Perth, Darwin and Brisbane remain the momentum leaders. City-level annual dwelling value growth was strongest in Perth (22.0%), Darwin (19.4%) and Brisbane (17.3%), well ahead of Sydney (6.0%) and Melbourne (4.7%).
• The next phase is still positive — but more selective. KPMG forecasts national house prices to rise 7.7% in 2026 and units 7.1%, while also warning that affordability and borrowing constraints should keep growth more uneven.
• Supply is improving on paper, not yet enough in practice. Pipeline indicators have lifted, but completions remain below what is needed to close the structural shortage; rents and competition for better-value stock remain elevated.
Source: Global Property Guide / Cotality, March 2026
National median value
$922,838
Combined capitals
$1,014,401
Combined regional
$751,327
PropTrack national growth
9.1%
Brisbane annual growth
15.9%
Perth annual growth
19.5%
Regional growth
10.5%
Capital city median
$1.004m
The market still has upside — but the easy money is gone
Australia’s property market is still rising. But this is no longer a cycle where everything moves together and everyone looks like a genius. The national backdrop remains constructive, yet the market underneath is becoming sharper, more selective and far less forgiving. National dwelling values are sitting at $922,838, up 9.9% year-on-year, while regional markets continue to outperform the combined capitals, reinforcing the role of affordability and scarcity in this cycle.
What April’s data confirms is simple: momentum is still real, but it is no longer broad-based. Perth, Darwin and Brisbane remain the clear growth leaders, while Sydney and Melbourne have shifted into a slower, more affordability-sensitive phase. That does not make them weak markets. It makes them more tactical markets.
The national picture is still strong — just more selective
Across Australia, the market is still being supported by the same big structural forces: undersupply, elevated rents, policy support and buyer demand that has held up better than many expected. KPMG still expects national house prices to rise 7.7% in 2026 and units 7.1%, while also noting that affordability and borrowing constraints are likely to keep growth more uneven from here.
At the same time, supply is improving more in theory than in reality. Pipeline indicators have lifted, but completions remain below what is needed to close the structural shortage. That is helping keep pressure on rents and keeping competition elevated for better-value stock.
Futureland Insight:
This is no longer a “buy anything” market. It is a buy well market. The broad market can still move up while poor asset selection gets exposed faster than it did twelve months ago.
Perth, Brisbane and Darwin are still setting the pace
The market still has a clear leaderboard.
Perth remains the strongest-performing capital in the current data set, with annual dwelling value growth of 22.0%. Brisbane follows at 17.3%, and Darwin at 19.4%. These cities are still benefiting from the same powerful blend of tight supply, more attainable pricing relative to the eastern capitals, and strong buyer demand.
PropTrack’s February 2026 data tells a similar story. Perth recorded 19.5% annual growth, Brisbane 15.9%, and Darwin 16.2%, showing that the strength is not a one-source fluke. These cities are still doing the heavy lifting nationally.
KPMG’s 2026 forecast continues to back that up, with house price growth projected at 12.8% in Perth, 10.9% in Brisbane and 10.5% in Darwin. Unit forecasts are also strong, especially in Darwin at 13.4% and Perth at 11.6%.
Futureland Insight:
Perth and Brisbane still look like the cleanest momentum stories in the country. Darwin remains the higher-volatility play — but it is no sideshow. In the right strategy, it still deserves real attention.
Brisbane still looks elite — but the market is tightening
Brisbane remains one of the standout stories of 2026. Its median dwelling value is now around $1.08 million, with annual growth at 17.3% in the March data set, while PropTrack still has Brisbane up 15.9% year-on-year.
The more interesting detail is how that growth is being distributed. Brisbane’s lower quartile and unit sector are continuing to outperform, while premium stock is growing more slowly. The city’s listing levels also remain around 30% below the five-year average, keeping a solid floor under prices.
RP Data’s weekly pulse backs that up. In the 4000 postcode snapshot, Brisbane showed 45.2 average days on market, which is shorter than Sydney, Melbourne, Canberra and Hobart in the current comparison set.
Futureland Insight:
Brisbane still has one of the best combinations of demand depth, undersupply and price momentum. But the margin for error is getting thinner. This is no longer the phase where any Brisbane asset works.
Perth is still running hard
Perth continues to be the market that refuses to cool.
Annual growth remains the strongest in the country across the city-level data, and KPMG still expects Perth house prices to rise another 12.8% in 2026. The rationale is clear: population growth remains strong, supply remains thin, and affordability is still better than what buyers face in Sydney or Brisbane.
SQM’s late-March asking price data reinforces that momentum. Perth’s rolling monthly asking price growth was 3.5% combined, ahead of every other capital in that update.
RP Data’s 6000 snapshot also shows Perth still trading with intent, with 33 new listings, 15 recently advised sales, and 60.08 average days on market in the past 7 days.
Futureland Insight:
Perth is still the national pace-setter. But when a market becomes this obvious, discipline matters more. The opportunity is still there — just not in every postcode, price bracket or asset type.
Sydney and Melbourne are becoming more interesting than exciting
Sydney and Melbourne are no longer the clean momentum plays they once were — and that may be exactly why they deserve more attention.
Sydney’s median dwelling value is around $1.296 million with annual growth at 6.0%, while Melbourne sits around $826,000 with annual growth at 4.7%. Those growth rates lag the stronger capitals materially.
But slower does not mean unattractive.
KPMG still expects Sydney to rise 5.8% and Melbourne 6.8% for houses in 2026, with Melbourne units forecast at 7.3%. AMP has also flagged the possibility of some rotation back toward lagging markets such as Melbourne and possibly Sydney as affordability in the hotter cities deteriorates.
RP Data’s weekly snapshots show the difference in tone. Sydney is seeing 46 withdrawn listings in the current sample, while Melbourne is showing stronger advised sales activity but also deeper stock and longer selling conditions than Brisbane.
Futureland Insight:
Sydney and Melbourne may not be the markets that excite people at the barbecue right now. They may be the markets where the sharper buyers do their best work.
Regional markets are still outperforming
Regional Australia continues to outperform the combined capitals, with regional dwelling values up 11.1% year-on-year versus 9.6% across the combined capitals in the March data set. PropTrack also shows regional growth at 10.5% versus 8.6% for capital cities over the year.
That outperformance keeps pointing back to the same core driver: buyers are still chasing relative affordability, and when the capitals become too stretched, demand spills outward.
Futureland Insight:
Regional markets are not automatically safer, better or cheaper forever. But the right regional markets still offer one of the best combinations of scarcity, value and upside in Australia today.
The real-time pulse matters more than ever
Broad market reports are useful. But in 2026, they are not enough on their own.
The RP Data snapshots give a much more immediate read on how stock is actually moving. In the latest weekly dashboard:
Sydney: 27 new listings, 68.9 DOM, 46 withdrawn
Melbourne: 38 new listings, 73.5 DOM, 16 advised sales
Brisbane: 15 new listings, 45.2 DOM, 10 advised sales
Perth: 33 new listings, 60.1 DOM, 15 advised sales
Canberra: 4 new listings, 88.1 DOM, 1 advised sale
That tells us Brisbane remains tighter than most east coast peers, Perth is still active, Melbourne is transacting but with more depth, Sydney is showing some vendor hesitation, and Canberra remains the slowest of the set.
Futureland Insight:
Macro data tells you where values have moved. Pulse data tells you how the market is behaving right now. The buyers with the edge in 2026 are the ones using both.
What the rest of 2026 is likely to reward
KPMG’s forecast table still points to positive growth across most capitals this year, but the bigger message is moderation rather than reversal. Brisbane, Perth and Adelaide are all expected to slow in 2027 compared with 2026 as affordability constraints and improving supply begin leaning harder against the cycle.
That means 2026 is likely to reward different strategies in different markets:
Growth buyers will still look hard at Perth, Brisbane and Darwin.
Value-recovery buyers may prefer Melbourne and selected Sydney stock.
Yield-focused buyers will continue watching Darwin and selected regional markets.
Owner-occupier upgraders may benefit most from improving leverage in Sydney, Melbourne and Canberra.
Futureland Insight:
Same country. Completely different playbooks. The buyers who win from here will not just “enter the market” — they will enter the right market, with the right strategy.
Bottom line
Australia’s property market still looks fundamentally constructive. But the easy read is gone.
Perth, Brisbane and Darwin remain the momentum leaders. Regional markets are still outperforming on affordability and scarcity. Sydney and Melbourne are no longer pure momentum trades — but they may become the smartest buying environments for disciplined buyers who want leverage, choice and medium-term upside.
Futureland Insight:
2026 will reward precision over emotion. The edge will not come from following headlines. It will come from combining macro conviction with local insight — and knowing the difference between heat and quality.
Which cities are winning now
The market still has a clear leaderboard. Perth, Darwin and Brisbane continue to outperform on annual growth, while Sydney and Melbourne have moved into a slower, more affordability-sensitive phase. That does not mean they are weak — it means selection, negotiation and price point matter more than before.
Source: Global Property Guide / Cotality, March 2026
Source: Global Property Guide / Cotality, March 2026
City highlights
City
Median value
YoY growth
Read-through
Perth
$989k
22.0%
Still the strongest growth market, supported by tight supply and relatively attainable price points.
Brisbane
$1.08m
17.3%
Momentum remains excellent, but affordability is tightening faster than in 2024–25.
Darwin
$602k
19.4%
Smaller market, but infrastructure and yields keep it firmly on the radar.
Sydney
$1.296m
6.0%
Deep market with better buyer leverage emerging at the premium end.
Melbourne
$826k
4.7%
Lower growth, but value relative to other capitals is becoming more compelling.
Forward view: what 2026 is shaping up to deliver
KPMG’s January 2026 outlook still points to a positive year nationally, but not a carefree one. House and unit growth are forecast to remain solid, with mid-sized capitals expected to outperform and the affordable end of the market likely to do most of the heavy lifting.
Source: KPMG Residential Property Market Outlook, January 2026
Best-positioned markets for 2026: Perth and Brisbane still have the strongest blend of momentum and structural undersupply. Darwin offers upside with higher volatility. Melbourne looks like the best value-recovery story if buyers want less heat and more optionality.
KPMG city-by-city forecast table
The key message is moderation, not reversal. KPMG still expects strong 2026 growth across most capitals, but 2027 forecasts step down materially in Brisbane, Perth and Adelaide as affordability constraints and improving supply begin to lean against the cycle.
City
House 2026
Unit 2026
House 2027
Unit 2027
Sydney
5.8%
5.3%
5.7%
4.0%
Melbourne
6.8%
7.3%
7.3%
5.5%
Brisbane
10.9%
7.8%
8.9%
4.9%
Adelaide
8.2%
6.6%
3.3%
3.8%
Perth
12.8%
11.6%
5.1%
3.9%
Hobart
5.4%
5.1%
4.1%
4.0%
Darwin
10.5%
13.4%
6.8%
9.3%
Canberra
4.7%
4.9%
3.3%
3.6%
What to watch through the next quarter
• Whether rate expectations stabilise after the March tightening rhetoric.
• If listings rebound into autumn, especially in Sydney and Melbourne, buyer leverage should improve further.
• Whether Perth and Brisbane can keep running without a sharper affordability drag developing by mid-year.
Real-time market pulse: RP Data snapshot
The RP Data market-insights snapshots add a near-term trading layer to the broader valuation story. They show which capitals are actually moving stock, where listings are thinning, and where sellers are giving more ground.
Source: RP Data market insights, 1 April 2026
Source: RP Data market insights, 1 April 2026
Weekly trading dashboard
City
New
DOM
Discount
Sales
W/drawn
Rentals
Sydney
27
68.9
-2.48%
6
46
514
Melbourne
38
73.5
-1.53%
16
76
968
Brisbane
15
45.2
-1.32%
10
21
307
Adelaide
7
48.5
-3.36%
5
26
313
Perth
33
60.1
-1.82%
15
28
237
Hobart
4
69.4
-1.82%
6
14
119
Darwin
7
49.8
-0.44%
0
4
65
Canberra
4
88.1
2.29%
1
8
63
Read-through: Brisbane has the shortest days on market among the major east coast capitals in this RP snapshot, while Canberra remains the slowest market in the set. Melbourne and Perth both show strong advised-sales volumes, while Sydney is seeing more withdrawals than most peers — a useful signal that not all vendors are prepared to meet the market yet.
Bottom line
• Australia’s market still looks fundamentally constructive, but the easy read is gone.
• The strongest capitals remain Perth, Brisbane and Darwin, while regional markets continue to outperform on affordability and scarcity.
• Sydney and Melbourne are no longer pure momentum trades — but they may become the smartest buying markets for disciplined buyers who want choice, negotiation leverage and medium-term upside.
• The real edge in 2026 will come from combining macro data with on-the-ground pulse checks. That is where average buyers go missing and better buyers start to look dangerous.
Strategy lens by buyer type
Buyer profile
Best-fit markets
Why it works now
Growth-focused investor
Perth, Brisbane, Darwin
Still the strongest momentum + structural undersupply combination.
Value / recovery buyer
Melbourne, selected Sydney stock
Slower markets create more negotiation room and medium-term upside.
Yield / cash-flow lens
Darwin, regional markets
Higher yields and lower entry prices still stack up better than blue-chip east coast stock.
Owner-occupier upgrader
Sydney, Melbourne, Canberra
Choice is improving, and the market is becoming more rational than the 2024–25 frenzy.
Primary inputs used in this report: Global Property Guide (March 2026), PropTrack Home Price Index (February 2026), KPMG Residential Property Market Outlook (January 2026), SQM Research (30 March / 1 April 2026), and RP Data market insights snapshots (1 April 2026).
