Where prices are still rising and where they’re slowing

Article by Alison Cheung Communications Manager 4 May 2026

Key points

• Prices are still rising, but growth is starting to slow down. 

• Some cities like Perth are still surging, while Sydney and Melbourne are slipping. 

• Buyer competition is increasing in affordable areas, like regional areas where buyers see better value. 

Australia’s housing market is still moving up, but not as quickly as before, and where you’re looking to buy is making a bigger difference than ever. 

Nationally, home values rose 0.3% in April and are now 9.8% higher than a year ago, with a median value of $940,048. Across the capitals, growth was softer at 0.2% for the month, while regional areas are pulling ahead with a 0.9% rise. 

What this means in simple terms is that the market isn’t moving in one direction. It’s splitting, with some areas still growing strongly while others are slowing or slipping back. Competition is ramping up for buyers in areas with comparative value. 

The momentum markets: Perth, Brisbane and Darwin 

These markets continue to lead the country, combining strong monthly gains with standout annual growth. Affordability compared to Sydney and Melbourne, steady population inflows and local economic drivers are keeping demand elevated. 

Perth remains the clear standout. Values rose 2.1% in April, pushing annual growth to 26.0% and lifting the median to just over $1 million. Even within a strong cohort, Perth is operating at a different pace. 

Brisbane is not far behind, with values up 1.2% over the month and 19.7% annually, taking the median to $1.1 million. Darwin is following a similar trajectory, recording a 1.3% monthly rise and 19.6% annual growth, with a median of about $619,000. 

While growth is easing slightly across the country, these cities are still showing clear momentum, underpinned by relative value and sustained demand.

The steady climbers: Adelaide, Hobart and Canberra 

This group reflects a more balanced phase of the cycle. Growth is continuing, but at a measured and consistent pace. 

Adelaide is leading within this tier, with values rising 1.1% in April and 12.2% over the year, bringing the median to about $944,000. Hobart saw a modest 0.2% lift in April and 8.5% annual growth, while Canberra held flat over the month (0.0%) with 5.6% annual growth. Median values sit at about $744,000 and $898,000 respectively. 

There are no signs of decline here, but equally, no signs of overheating. These markets are defined by stability and consistency rather than rapid acceleration.

The hesitators: Sydney and Melbourne 

Australia’s most expensive markets are showing the clearest signs of strain. Both recorded a 0.6% decline in April, making them the weakest performers nationally. 

Sydney remains 4.2% higher year-on-year with a median of $1.2 million, while Melbourne has recorded just 2.0% annual growth, the lowest of all capitals, with a median of about $822,000. 

Affordability constraints, borrowing limits and greater sensitivity to interest rates are weighing more heavily here. These factors are dampening demand and slowing momentum relative to the rest of the country.

The affordability trade-off buyers are facing

What this means for buyers really depends on where you’re looking. In some markets, especially Sydney and Melbourne, conditions are easing slightly, which can mean a bit more choice and less pressure than before. 

But in more affordable areas, competition is still strong and homes can move quickly. That’s where most buyer demand is sitting right now. 

This where buyers face the trade-off. The places that feel more affordable are often the most competitive, while areas with less competition can be out of reach for many buyers. 

The key is to stay flexible. If one area feels too competitive or too expensive, there may be better value just a suburb or region away.