Australian home values fell for a seventh straight month in October. But averages hide a lot: four capitals are still up on a year ago, and two are down sharply. Here's the full picture, and how we read it as valuers and buyers' agents.
National median dwelling value
National change in October
Below the March 2026 peak
Regional values, past 12 months
Dwelling values as at 31 October 2026, ranked from most to least expensive. "Dwellings" combines houses and units.
| Capital city | Median value | Month | Quarter | Year |
|---|---|---|---|---|
| Sydney | $1,178,959 | −1.6% | −4.7% | −9.4% |
| Brisbane | $1,018,401 | −2.0% | −6.1% | +0.4% |
| Perth | $942,018 | −1.7% | −5.7% | +3.9% |
| Adelaide | $916,860 | −1.2% | −3.9% | +3.7% |
| Canberra | $844,400 | −0.7% | −3.1% | −3.7% |
| Melbourne | $773,027 | −0.8% | −2.7% | −7.6% |
| Hobart | $743,854 | +0.5% | −0.3% | +5.5% |
| Darwin | $641,873 | +0.6% | −0.2% | +9.7% |
| Combined capitals | $954,905 | −1.4% | −4.5% | −4.8% |
| Combined regionals | $752,960 | −0.7% | −2.0% | +3.4% |
| National | $884,855 | −1.2% | −3.9% | −2.8% |
Still Australia's most expensive capital, but also its weakest performer over the past year. A 1.6% fall in October alone shows the slide hasn't bottomed yet. At these price points, small changes in borrowing capacity move a lot of buyers in or out of the market.
What we're watching: vendor discounting and days on market. When sellers start cutting deeper to get deals done, well-prepared buyers get room to negotiate.
Brisbane had the biggest monthly fall of any capital in October (−2.0%) and is down 6.1% over the quarter, wiping out almost all of its annual gain. After years of outperforming, the market is clearly resetting.
What we're watching: the gap between well-located established homes and estates with heavy new supply. In a softer market, scarcity holds value best. We dig into individual suburbs like North Lakes, Chermside and Carseldine in our reviews.
Perth is still up on a year ago, but the 5.7% quarterly fall says momentum has turned. It's now one of the faster-cooling markets after one of the strongest runs in the country.
What we're watching: rental vacancy. If it loosens, yields that looked strong on paper can soften quickly.
Adelaide continues to outperform the big east-coast capitals over 12 months, though it too slipped 1.2% in October.
What we're watching: affordability. Adelaide's median is now well above Melbourne's, which changes the value equation for interstate investors.
Canberra's declines have been steadier and smaller month to month (−0.7% in October), but it is still down 3.7% over the year.
What we're watching: public-sector employment, which drives much of Canberra's housing demand.
Melbourne's median is now below Brisbane, Perth, Adelaide and Canberra. Values are down 7.6% over the year, though the monthly fall eased to 0.8% in October.
What we're watching: where the value is. Some established Melbourne suburbs now sit at prices not seen in years, while rents in many have risen 40% or more over five years. Our suburb reviews cover Melbourne and Geelong suburbs from Pascoe Vale to Leopold.
Hobart was one of only two capitals to rise in October (+0.5%) and is up 5.5% over the year, a turnaround after its earlier downturn.
What we're watching: whether local wages can support further growth in a small, tightly held market.
Australia's most affordable capital is also its best performer, up 9.7% over the year and still rising in October.
What we're watching: liquidity. Smaller markets can move fast in both directions, so exit options matter as much as entry price.
A falling market isn't automatically a bad time to buy, and a rising one isn't automatically a good one. City-wide medians tell you the direction of the tide. They don't tell you whether a particular property is worth what the agent is asking.
We'll look at your budget, borrowing power and goals, and tell you honestly where the numbers stack up.
Source: Cotality (formerly CoreLogic) Home Value Index, dwelling values as at 31 October 2026. Figures change monthly; this article is updated each month when new data is released. Commentary is general information only and not financial advice. Consider your own circumstances and seek professional advice before making investment decisions.