Spring has arrived, and with it the busiest stretch of the property calendar. This year the season opens on a market that has been falling for six months, which changes what spring is worth to you depending on which side of the transaction you are standing on.
Around 93% of capital city suburbs recorded a price fall over winter, up from 45.8% in autumn. National values now sit 3.6% below their March peak. Figures are indicative only and move month to month.
Buyer demand has softened, properties are sitting on the market longer, and the amount of stock available has kept building. Across most capital cities there are more homes for sale than there were a year ago, even though fewer new listings are coming through. If you're looking to purchase, having your finance sorted before you start inspecting is what lets you act when something suits, and our guide to what pre-approval actually covers is the place to start.
Interest Rate NewsWhat The RBA Is Weighing Up
Economists widely expect the Reserve Bank of Australia to raise the cash rate this month, although some believe the central bank may hold out until November. The next cash rate decision lands on 29 September.
Inflation is continuing to ease. The annual rate fell from 3.8% in June to 3.5% in July, though the RBA's preferred measure of underlying inflation was unchanged at 3.6%, still above the 2 to 3% target band. Household spending also rose more than expected in July, which suggests consumer demand is holding up better than higher borrowing costs would imply.
With the possibility of further rises ahead, it's worth checking your mortgage is still doing what you need it to. If it's been a while since anyone looked at it properly, our piece on whether refinancing is still worth considering covers what a review is actually worth at this point in the cycle.
Home Value MovementsWhere Prices Moved In August
National property prices fell 0.9% in August according to Cotality, taking values 3.6% below the March peak. Sydney, Melbourne and Canberra recorded the biggest declines, and every capital except Darwin went backwards.
The more telling number is how broad the fall has become. The proportion of capital city suburbs recording a drop in values more than doubled through winter, rising from 45.8% in autumn to 93%.
What started as a more concentrated easing across higher value segments has now become a much more generalised softening, with the vast majority of capital city suburbs recording some level of decline.
Tim Lawless, Research Director, CotalityMr Lawless noted that Sydney continues to lead the downturn, where a sharp drop in demand is meeting higher than average advertised stock levels and weighing more heavily on the country's largest housing market. If you want the read on how this is playing out at auction, we covered what's driving the drop in clearance rates earlier in the year.
Home Value IndexState By State
| State | Auctions | Clearance | Private sale | Monthly change |
|---|---|---|---|---|
| VIC | 675 | 53% | 1,465 | -1.1% |
| NSW | 704 | 44% | 1,476 | -1.4% |
| ACT | 45 | 42% | 128 | -1.1% |
| QLD | 216 | 24% | 936 | -1.0% |
| WA | 19 | 11% | 469 | -0.8% |
| NT | 5 | 20% | 24 | 0.6% |
| TAS | 1 | n/a | 139 | -0.2% |
| SA | 106 | 41% | 311 | -0.8% |
Monthly home values figures as of 31 August 2026. Auction results, clearance rates and recent sales for the week ending 6 September 2026. The clearance rate is preliminary, current as of 11:30 PM AEST, 9 September 2026. Sources: Cotality Daily Home Value Index and realestate.com.au auction results. Figures are indicative only.
Closing OutReady To Buy This Spring?
As the weather warms up, listings tend to warm up with it. With prices coming down at the same time, the buyers who do well this season will mostly be the ones who had their finance in order before they found the property. We've unpacked what this particular spring looks like in whether buyers really will have more choice this year.
For investors, the story has moved from capital growth to income, and we've covered why rental yields are back in focus. If you already own and you're wondering what the falls mean for what you can access, our explainer on equity walks through how much of it is actually usable.
