Have we reached the peak in property prices?

It’s the question every buyer is asking. The short answer: growth is slowing, conditions are shifting — but it’s not the same story everywhere.

• National growth is slowing

  The national home value index rose just 0.3% in April — the slowest pace since January 2025. Affordability, borrowing capacity and higher rates are all weighing on momentum.

• Sydney and Melbourne are easing

  Both cities saw values dip 0.6% in April. Sydney is around 1% below its November peak; Melbourne has pulled back a little further.

• Other markets are still moving

  Perth rose 2.1% in April. Brisbane, Adelaide and Darwin also recorded gains — at a more measured pace than earlier in the year.

• Buyer demand has softened

  Consumer confidence has dropped to near-record lows. Sales volumes are below last year and the five-year average, and auction clearance rates have trended lower.

• Lower price points are holding up better

  In Sydney, lower-tier house values are up 2.9% over the past year while upper-tier values have fallen 3.3%. First home buyer support schemes are a factor.

• Regions are outpacing capitals

  Regional markets rose 4.2% in the first four months of 2026, compared to 1.8% across capital cities — driven by affordability and ongoing population movement.