• National residential property listings declined 3.3% month-on-month in August to 269,717 dwellings, following the strong rise recorded in July.
• Despite the monthly easing, total listings remain 12.8% higher than August 2025.
• New listings increased 1.7% nationally and are 3.1% higher year-on-year.
• Old listings eased 1.0% nationally but remain 0.6% above August 2025 levels.
• Distressed listings increased a further 4.2% to 4,510 properties and are now 10.0% higher year-on-year.
• National combined asking prices were broadly steady, easing 0.1% over the month while remaining 5.0% higher year-on-year.

Total listings

Australia’s residential property market recorded a pullback in available stock during August, with total listings falling 3.3% to 269,717 dwellings following July’s strong increase. Despite the monthly decline, national stock remains 12.8% higher than a year ago, continuing to provide buyers with substantially more choice than in 2025.

Sydney listings declined 2.8% to 38,293, although stock remains 13.3% higher year-on-year. Melbourne recorded a larger monthly fall of 4.7%, but continues to carry significantly more stock than last year, with listings 22.0% higher annually.

Brisbane was one of the few markets to record a monthly increase, with listings edging 0.5% higher to 20,374. Stock in Brisbane is now 26.5% above August 2025, the strongest annual increase among the major capitals.

Perth listings eased slightly (-0.5%) after several months of strong supply growth but remain 6.0% higher year-on-year. Adelaide was broadly steady (+0.1%) and is now 24.4% higher annually, while Canberra fell 1.6% but remains 14.2% above last year.

Darwin eased 0.7% for the month while remaining 7.3% higher year-on-year. Hobart recorded a 4.0% monthly decline and remains the only capital with materially lower total stock than a year ago, down 11.3%.

New listings

New listings increased 1.7% nationally in August to 74,049 dwellings, with fresh stock 3.1% higher than a year ago.

Sydney recorded a 7.0% monthly increase, although new listings remain 16.7% below August 2025. Melbourne was broadly steady (+0.3%) and sits 2.4% higher year-on-year.

Brisbane (-7.6%) and Perth (-1.8%) recorded monthly declines, while Adelaide (+5.6%) and Canberra (+6.1%) saw fresh stock increase.

Darwin recorded the largest monthly fall, down 26.7%, while Hobart increased 1.7%. On an annual basis, Darwin is broadly in line with last year (-0.7%), while Hobart is 11.0% higher.

The national result suggests fresh vendor activity remained relatively stable through August despite differing conditions across individual capital cities.

Old listings

Older listings declined 1.0% nationally in August to 77,355 dwellings, following the strong accumulation recorded in July. However, aged stock remains 0.6% higher than a year ago.

Sydney (+6.5%), Melbourne (+2.4%) and Brisbane (+13.8%) all recorded increases in older stock. Sydney’s old listings are now 18.0% higher year-on-year, while Melbourne is 13.0% higher and Brisbane 5.4% higher.

Perth recorded a modest 2.2% monthly increase, although old listings remain 20.0% below August 2025 levels.

Adelaide was one of the few capitals to record a decline in aged stock (-2.4%), while Canberra increased 3.6%. Darwin (+4.6%) and Hobart (+2.7%) also recorded monthly increases, although both remain substantially below last year.

The divergence between cities suggests the build-up in longer-dated stock remains concentrated rather than uniform across the national market.

Distressed listings

Distressed property listings increased 4.2% nationally during August to 4,510 properties, extending the upward trend recorded over recent months. More significantly, distressed listings are now 10.0% higher than August 2025.

Queensland recorded an 8.2% monthly increase to 1,497 distressed listings and is now 25.3% higher year-on-year. Western Australia increased 11.9% for the month and 39.6% annually.

South Australia also recorded another sizeable increase, rising 11.6% month-on-month and 50.7% year-on-year, while the ACT rose 15.7% and remains 59.5% above August 2025.

By contrast, New South Wales (-0.8%) and Victoria (-3.7%) recorded monthly falls and remain below last year’s levels. Tasmania declined 11.8% and is 35.0% lower year-on-year.

The national increase does not in itself indicate widespread mortgage distress, but the continued rise — particularly across Queensland, Western Australia, South Australia and the ACT — warrants close monitoring.

Asking prices

SQM Research’s Weekly Asking Prices Index for the week ending 1 September 2026 showed relatively subdued monthly price movements nationally, while annual growth remained positive.

Nationally, house asking prices eased 0.1% over the month, while unit asking prices increased 0.2%. Combined dwelling asking prices declined 0.1% month-on-month and remain 5.0% higher year-on-year.

Sydney combined asking prices increased slightly (+0.1%) and are broadly unchanged from a year ago (+0.1%), while Melbourne rose 0.2% for the month and remains 1.8% higher annually.

Brisbane recorded a 1.7% monthly decline in combined asking prices but remains 7.1% higher year-on-year. Perth also softened, down 2.2% for the month, while maintaining annual growth of 8.8%.

Adelaide was one of the stronger markets during August, with combined asking prices increasing 0.8% and remaining 6.2% higher year-on-year.

Canberra recorded a 0.4% monthly decline, with combined asking prices now 0.2% below a year ago.

Darwin’s combined asking prices were unchanged over the month and remain 8.2% higher year-on-year. Hobart recorded a 0.4% monthly decline, while remaining 7.2% higher annually.

Commentary – Louis Christopher, Managing Director, SQM Research

“August’s numbers show a market with considerably more available stock than this time last year, despite the pullback in total listings following July’s strong result.”

“The annual figures remain particularly noteworthy. Melbourne, Brisbane and Adelaide are all carrying substantially more stock than a year ago, while Sydney is also well above 2025 levels. This should continue to provide buyers with greater choice as we move into the spring selling season.”

“What we are watching more closely is the rise in distressed listings. National distressed stock is now 10 per cent higher than a year ago, with particularly large annual increases in Queensland, Western Australia, South Australia and the ACT. These numbers are still relatively contained, but the direction of travel has clearly changed compared with earlier in the year.”

“Asking prices have also been relatively subdued over the past month. With more stock available and distressed listings trending higher, the spring market will provide an important test of vendor expectations and buyer demand.”

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Australia’s national residential vacancy rate remained steady at 1.3% in July 2026, unchanged from June. The total number of residential vacancies increased to 40,771 dwellings, up from 39,229 in June, indicating a modest increase in available rental stock despite the unchanged headline vacancy rate.

Compared with July 2025, when the national vacancy rate stood at 1.2% with 37,863 vacancies, rental availability has increased slightly. Nevertheless, conditions remain tight across most capital cities, with Brisbane, Perth, Adelaide, Darwin and Hobart all recording vacancy rates below 1%.

SQM’s calculations of vacancies are based on online rental listings that have been advertised for three weeks or more compared to the total number of established rental properties. SQM considers this to be a superior methodology compared to using a potentially incomplete sample of agency surveys or merely relying on raw online listings advertised. Please go to our Methodology page for more information on how SQM’s vacancies are compiled.

Capital city highlights

Sydney: Vacancy rates increased to 1.7%, up from 1.6% in June, with 12,782 dwellings available. This compares with a vacancy rate of 1.5% in July 2025, indicating some easing in rental availability over the past year.

Melbourne: Vacancy rates rose to 1.7%, from 1.6%, with 9,346 vacancies recorded. Melbourne’s vacancy rate remains slightly below the 1.8% recorded at the same time last year.

Brisbane: Vacancy rates remained unchanged at 0.9%, with 3,057 dwellings available. Brisbane continues to record tight rental conditions, with the vacancy rate unchanged from July 2025.

Perth: Vacancy rates held steady at 0.6%, with 1,241 vacancies. Despite remaining one of the tightest rental markets nationally, conditions have eased slightly compared with the 0.7% vacancy rate recorded a year ago.

Adelaide: Vacancy rates declined to 0.6%, down from 0.7% in June, with 1,035 dwellings available. This is also below the 0.8% vacancy rate recorded in July 2025, highlighting continued tight rental supply.

Canberra: Vacancy rates increased to 1.8%, from 1.7%, with 1,086 dwellings available. Canberra recorded the highest vacancy rate among the capitals in July and is above the 1.5% recorded a year earlier.

Darwin: Vacancy rates remained unchanged at just 0.3%, with only 67 dwellings available. Darwin continues to record the lowest vacancy rate of all capital cities, down from 0.5% in July 2025.

Hobart: Vacancy rates declined to 0.6%, from 0.7%, with 162 dwellings available. The vacancy rate is now in line with the 0.6% recorded in July last year.

Advertised rents analysis

National advertised rents remained elevated through August, with combined rents increasing 0.2% over the past 30 days and 7.2% higher year-on-year. Monthly rental growth has slowed, however this might be a normal seasonal occurrence due to the typical winter month lull in rental activity.

The national combined rent average now stands at $698.45 per week, while the capital city average sits at $796.51 per week.

Nationally, house rents declined 0.6% over the month but remain 6.8% higher over the year, while unit rents increased 1.3% monthly and 7.7% annually, with unit rental growth currently outpacing houses.

Sydney: Combined rents declined 0.5% for the month but remain 6.3% higher year-on-year, with combined advertised rents averaging $913.79 per week.

Melbourne: Combined rents increased 0.2% monthly and are 6.0% higher annually, with combined rents reaching $695.20 per week.

Brisbane: Combined rents rose 1.0% over the month and 8.3% year-on-year, with advertised rents averaging $756.11 per week.

Perth: Combined rents increased 0.9% for the month and 6.6% annually, with the combined advertised rent reaching $803.75 per week.

Adelaide: Combined rents declined 0.3% over the month but remain 3.5% higher year-on-year, with combined rents averaging $641.75 per week.

Canberra: Combined rents fell 1.0% over the month but remain 5.4% higher annually, with advertised rents averaging $705.38 per week.

Darwin: Combined rents increased 2.0% for the month and 14.1% year-on-year, recording the strongest annual combined rental growth of all capital cities.

Hobart: Combined rents rose 1.6% over the month and 12.2% annually, continuing to record double-digit annual rental growth amid tight vacancy levels.

Louis Christopher, Managing Director of SQM Research, commented:  “The national vacancy rate holding at 1.3% in July suggests there has been some stabilisation in rental availability, although the underlying market remains tight. Total vacancies have increased compared with this time last year, particularly in Sydney and Canberra, but five capital cities are still recording vacancy rates below one per cent.

“The rental data continues to show significant pressure on tenants. National asking rents are now 7.2% higher than a year ago, and we are seeing particularly strong annual increases in Darwin and Hobart, where vacancy rates remain very low.

“There are some signs of moderation in markets such as Sydney, where asking rents have eased over the month, but this is not yet a broad-based easing in rental conditions. Brisbane, Perth and several of the smaller capitals continue to record very limited rental availability.

“Overall, the rental market remains undersupplied. Until we see a more sustained increase in available rental stock, we expect affordability pressures to remain elevated.”

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• National property listings rose 12.4% month-on-month in July to 278,984 dwellings.
• Total listings are now 22.8% higher than July 2025, marking the strongest annual increase in available housing stock in over a year.
• New listings increased 5.1% nationally, while old listings rose 8.1%, indicating both fresh supply and an accumulation of existing stock.
• Distressed listings increased 1.6% nationally and are now 0.9% higher than a year ago, the first annual increase in distressed stock in some time.
• Capital City asking prices fall 1.2% during the month.

Total listings

It what is considered an unseasonal change, Australia’s residential property market recorded another significant increase in supply during July, with total property listings rising 12.4% to 278,984 dwellings. The increase was broad-based across almost every capital city, pushing national listings 22.8% above levels recorded a year ago.

Melbourne recorded the strongest increase among the major capitals, with listings rising 15.5% over the month to 50,867 properties, now sitting 42.8% higher than July 2025.

Brisbane also posted another exceptional result, rising 18.0% to 20,273 listings, while Adelaide increased 16.0% and Canberra 10.3%, reflecting continued growth in available stock.

Sydney recorded a 6.6% monthly increase and is now 28.0% higher than a year ago.

Perth continued to add listings, increasing 5.5% over the month to 15,218 properties, with stock levels now 10.0% higher year-on-year after several months of improving supply.

Darwin recorded a strong 15.6% monthly increase, while Hobart rose 3.8%, although listings there remain 10.3% below July 2025 levels.

New listings

New listings increased 5.1% nationally during July to 72,806 dwellings, with fresh supply continuing to enter the market despite the winter season.

Melbourne (+15.5%) led the major capitals, followed by Brisbane (+4.8%), Adelaide (+5.1%) and Sydney (+0.6%).

Perth was the only major capital to record a modest decline (-2.6%), while Canberra was broadly unchanged (-0.2%).

Darwin recorded another strong increase in new listings (+15.6%), while Hobart rebounded 12.8% following June’s decline.

Nationally, new listings remain 15.9% higher than a year ago, indicating vendor activity remains well above 2025 levels.

Old listings

Older stock increased 8.1% nationally to 78,098 dwellings, with increases recorded across most capital cities.

Sydney (+6.6%), Melbourne (+11.4%) and Brisbane (+6.0%) all recorded notable rises in older listings.

Adelaide (+7.4%) and Hobart (+5.2%) also experienced increases, while Perth remained relatively stable (+0.6%).

Canberra (-3.0%) and Darwin (-18.0%) were the only capitals to record declines in older listings.

Nationally, old listings are now 6.6% higher than July 2025, suggesting properties are taking longer to transact as overall supply expands.

Distressed listings

Distressed listings increased 1.6% nationally during July to 4,330 properties, representing the third consecutive monthly increase and the first annual rise (+0.9%) in distressed stock for some time.

Queensland (+4.0%), Western Australia (+2.3%) and South Australia (+11.8%) all recorded further increases, with South Australia now 31.4% higher than a year ago.

The ACT continues to stand out, with distressed listings 70.0% higher than July 2025, despite only a modest monthly increase (+4.1%).

New South Wales (-2.1%), Victoria (-0.1%), the Northern Territory (-1.1%) and Tasmania (-11.6%) all recorded monthly declines.

While distressed listings remain relatively low by historical standards, the recent upward trend will be closely monitored over coming months.

Asking prices

SQM Research’s Weekly Asking Prices Index for the week ending 4 August 2026 showed a softer month for asking prices across most capital cities, reflecting the increased level of supply now available to buyers.

Capital asking prices declined 1.5% for houses, while unit prices fell 0.2%. Combined dwelling asking prices eased 1.2% over the month but remain 6.2% higher year-on-year.

Sydney (-0.9%), Melbourne (-1.0%), Brisbane (-1.1%) and Perth (-1.1%) all recorded similar monthly declines in combined asking prices, though annual growth remains positive.

Adelaide experienced a larger monthly decline of 2.1%.

Canberra also softened (-2.4%), while remaining 0.4% higher year-on-year.

Darwin was the only capital city to record a monthly increase in combined asking prices (+0.4%) and remains 7.6% higher than a year ago.

Hobart recorded a 1.3% monthly decline, though combined asking prices remain 9.4% higher year-on-year.

Louis Christopher, Managing Director, SQM Research “July’s figures mark a significant shift in market conditions. National listing levels are now almost 23 per cent higher than they were a year ago, giving buyers considerably more choice than they have had for some time.”

This rise is rather abnormal as July tends to record a lull in listings due to the winter period. But not this year. No, Listings are firmly up across the board.

“What’s particularly noteworthy is that we’re seeing increases in both new listings and older listings. More properties are coming onto the market, but they’re also taking longer to sell. This is the typical read you see in housing market downturns – listings start piling up upon each other.

“At the same time, asking prices have softened as supply has increased and buyers have departed the market. The flip side is this should provide buyers with greater negotiating power heading into spring.”

Page 6 of 6 “The rise in total listings should also be contrasted against the fall in auction listings, which is actually down by about 20% compared to the same period last year. Vendors in this market are increasingly preferring to sell via private treaty.”

Going forward, we can expect another rise in listings as we head into spring. That increase in supply is likely to put further downward pressure on housing prices for the remainder of 2026.”

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The encouraging sign is that rental growth appears to be moderating in some markets.

SQM Research has released its latest data on residential property vacancy rates.

Australia’s national residential vacancy rate increased to 1.3% in June 2026, up from 1.2% in May, with the total number of residential vacancies rising slightly to 39,229 dwellings from 37,844 the previous month.

While the increase suggests a modest easing in rental market conditions, vacancy rates remain well below long-term averages, with every capital city continuing to record vacancy rates below 2%, highlighting the ongoing shortage of rental accommodation across Australia.

National vacancy rates

Capital city highlights

Sydney: Vacancy rates increased slightly to 1.6%, up from 1.5% in May, with 11,957 dwellings available. The Sydney rental market has continued to ease modestly, although conditions remain considerably tighter than historical averages.

Melbourne: Vacancy rates held steady at 1.6%, with 8,640 vacancies recorded. Melbourne continues to exhibit relatively balanced rental conditions compared to other capital cities.

Brisbane: Vacancy rates remained unchanged at 0.9%, with 3,065 dwellings available. Rental conditions remain extremely tight as population growth continues to support demand.

Perth: Vacancy rates declined to 0.6%, down from 0.7%, with 1,247 dwellings available. Perth remains one of Australia’s most constrained rental markets.

Adelaide: Vacancy rates remained unchanged at 0.7%, with 1,096 dwellings available. Limited rental stock continues to underpin tight market conditions.

Canberra: Vacancy rates increased to 1.7%, up from 1.6%, with 1,063 dwellings available. The ACT continues to record a gradual easing in rental availability.

Darwin: Vacancy rates remained unchanged at 0.3%, with only 64 dwellings available. Darwin continues to record Australia’s lowest vacancy rate, reflecting an exceptionally tight rental market.

Hobart: Vacancy rates increased to 0.7%, up from 0.6%, with 185 dwellings available. While vacancy rates have risen slightly, rental availability remains constrained.

Advertised rents analysis

National advertised rents remained elevated through July, with combined rents easing 0.4% over the past 30 days but remaining 8.1% higher than a year ago, highlighting the resilience of rental pricing despite a modest increase in vacancies.

The national combined rent average now stands at $697.43 per week, while the capital city average sits at $793.63 per week.

Nationally, house rents eased 0.5% over the month but remain 8.7% higher over the year, while unit rents declined 0.2% monthly and are 7.1% higher annually, suggesting rental growth is beginning to moderate after a sustained period of strong increases.

Sydney: Combined rents eased 0.4% for the month but remain 7.6% higher year-on-year, with house rents averaging $1,149.81 per week.

Melbourne: Combined rents declined 0.3% over the month while remaining 5.9% higher annually, supported by continued demand for well-located properties.

Brisbane: Combined rents rose 1.0% for the month and are 9.1% higher year-on-year, maintaining one of the strongest annual growth rates among the eastern capitals.

Perth: Combined rents declined 1.6% over the month but remain 5.0% higher than a year ago, suggesting some easing following an extended period of exceptional rental growth.

Adelaide: Combined rents increased 0.6% for the month and 3.4% annually, with unit rents continuing to outperform houses.

Canberra: Combined rents rose 0.7% over the month and 5.8% year-on-year, reflecting improving rental demand.

Darwin: Combined rents increased 0.9% for the month and 13.8% annually, continuing to record some of the strongest rental growth in Australia.

Hobart: Combined rents declined 0.9% over the month but remain 12.1% higher year-on-year, reflecting ongoing supply constraints despite recent moderation.

Advertised rents — week ending 12 July 2026

Louis Christopher, Managing Director of SQM Research, commented: “While the national vacancy rate has edged up to 1.3%, Australia’s rental market remains exceptionally tight by historical standards. Most capital cities continue to record vacancy rates below one per cent or only marginally above, highlighting that rental supply remains insufficient to meet demand.”

“The encouraging sign is that rental growth appears to be moderating in some markets, with national asking rents easing slightly over the past month. However, annual rental growth remains strong at 8.1%, and cities such as Darwin, Hobart and Brisbane continue to experience significant rental inflation.”

“Perth and Darwin remain particularly constrained, with vacancy rates of just 0.6% and 0.3% respectively. Without a substantial increase in the supply of rental housing, affordability pressures are likely to remain a challenge for tenants for some time yet.”

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• Asking prices stalled nationally, but five of the eight capital cities — including Sydney, Melbourne, Brisbane, Perth and Adelaide — recorded monthly declines.
• National property listings declined 4.1% month-on-month in June to 248,249 dwellings, reflecting the typical seasonal slowdown at the start of winter.
• Despite the monthly decline, total listings remain 6.1% higher than June 2025.
• New listings fell 10.4% nationally, though remain 10.3% higher year-on-year.
• Old listings declined 2.1%, indicating fewer long-standing properties on the market.
• Distressed listings increased 10.8% nationally, although they remain 6.2% below June 2025 levels.
• National asking prices softened over the month but continue to record annual growth.

Total listings

Australia’s residential property market cooled in June following the strong increase in listings recorded during May, with national listings declining 4.1% to 248,249 dwellings. While the monthly fall reflects a typical winter slowdown, overall supply remains healthier than a year ago, with national listings now 6.1% higher annually.

Sydney (-5.6%) and Melbourne (-6.1%) recorded the largest monthly declines among the major capitals, though both cities continue to report significantly higher stock levels than a year ago, up 17.4% and 19.6% respectively.

Brisbane was one of the few major capitals to continue building supply, with listings rising 1.2% over the month and 8.0% year-on-year.

Following three consecutive months of strong growth, Perth experienced a modest pullback, with total listings easing 5.3% during June. Even so, listing levels remain broadly consistent with long-term trends despite sitting 5.4% below June 2025.

Adelaide declined 5.2% for the month but remains 10.4% higher than a year ago. Canberra recorded the largest monthly decline nationally (-10.1%), while Darwin continued to edge higher (+2.0%). Hobart experienced the sharpest fall among the capitals (-11.9%), with listings now 17.4% below last year’s level.

New listings

New listings eased 10.4% nationally to 69,247 dwellings, reflecting the seasonal slowdown typically seen during winter.

Sydney (-19.8%) and Melbourne (-20.1%) recorded the largest declines in fresh listings following strong activity during May.

Brisbane (-5.5%), Perth (-9.2%) and Adelaide (-10.2%) also recorded lower levels of new stock entering the market.

Canberra declined 19.0%, while Hobart fell 21.5% after elevated activity in previous months.

Darwin was the only capital to record a notable increase, with new listings rising 5.2% for the month and 33.5% higher than a year ago.

Despite the monthly slowdown, national new listings remain 10.3% above June 2025 levels.

Old listings

Older stock declined 2.1% nationally to 72,266 dwellings, suggesting longer-dated listings continue to be gradually absorbed.

Sydney (-6.1%), Melbourne (-3.0%) and Brisbane (-4.6%) all recorded declines, while Perth (-3.9%) also saw a reduction in older listings.

Adelaide (-1.4%) and Canberra (-11.1%) continued to record falling levels of aged stock.

Darwin (-11.0%) and Hobart (-4.5%) also experienced declines, with Darwin remaining 40.1% below levels recorded a year ago.

National old listings remain 6.2% lower than June 2025.

Distressed listings

Distressed listings rose 10.8% nationally during June to 4,263 properties, representing the second consecutive monthly increase. However, distressed stock remains 6.2% lower than a year ago.

Queensland (+17.0%), Western Australia (+35.1%) and South Australia (+20.2%) recorded the strongest monthly increases, while New South Wales and Victoria each increased 1.5%.

The ACT continues to stand out, with distressed listings 44.1% higher than a year ago despite only a modest monthly increase (+4.3%).

Tasmania was the only state to record a decline during the month (-9.5%).

Asking prices

SQM Research’s Weekly Asking Prices Index for the week ending 30 June 2026 showed a softer month for asking prices across many capital cities, although annual price growth remains positive.

Nationally, asking prices declined 1.4% for houses and 0.7% for units, with combined dwelling asking prices down 1.3% over the month, while remaining 7.6% higher year-on-year.

Sydney recorded the largest monthly decline in combined asking prices (-2.8%) but remains 1.7% higher than a year ago.

Melbourne (-0.3%) and Brisbane (-0.8%) also recorded modest monthly declines, while annual growth remains positive at 2.6% and 12.8% respectively.

Perth continued to outperform, with combined asking prices rising 0.5% over the month and 14.3% higher year-on-year, while Adelaide also recorded a modest monthly increase (+0.2%) and remains 7.1% higher annually.

Canberra recorded a 1.1% monthly increase and remains 5.0% higher year-on-year. Darwin recorded a slight monthly decline in combined asking prices (-0.4%) while remaining 11.5% higher year-on-year.

Hobart also recorded a modest monthly decline (-0.5%), though combined asking prices remain 10.4% higher than a year ago.

Commentary

Louis Christopher, Managing Director, SQM Research “The June figures reflect what we would normally expect to see at the beginning of winter, with new listings easing after a particularly strong May. While overall supply has pulled back over the month, the broader picture remains negative, with national listings above where they were this time last year, indicating stock is struggling to move.”

“Sydney and Melbourne continue to carry significantly more stock than a year ago, while Brisbane has continued to add listings despite the seasonal slowdown. Perth has also eased after three months of exceptionally strong growth, although supply remains relatively tight compared with historical levels.”

“One trend we’re watching closely is the continued increase in distressed listings. While they’re still below last year’s levels nationally, we’ve now seen two consecutive monthly increases, particularly across Queensland and Western Australia. It’s something we’ll continue to monitor over the coming months.”

“One other trend we are watching is the movement of people selling to private treaty compared to auction, which is not unsurprising during a housing downturn.”

“Overall, the market remains well supplied. Supply has improved compared to last year, asking prices continue to hold up reasonably well, and we’re not yet seeing evidence of widespread financial stress.”

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Despite the monthly increase, vacancy rates remain below historical averages, indicating that rental market conditions continue to favour landlords in most parts of the country.

Capital city highlights

Sydney: Vacancy rates rose to 1.3%, up from 1.1% in March, with 9,696 dwellings available. The increase suggests a modest easing in rental market conditions following strong leasing activity earlier in the year.

Melbourne: Vacancy rates increased slightly to 1.5%, from 1.4%, with 8,079 vacancies recorded. Rental conditions remain relatively balanced compared with other major capitals.

Brisbane: Vacancy rates remained tight at 0.8%, with 2,900 dwellings available. The city continues to experience strong tenant demand amid constrained supply.

Perth: Vacancy rates rose marginally to 0.6%, from 0.5%, with 1,138 dwellings vacant. Despite the increase, Perth remains one of the tightest rental markets nationally.

Adelaide: Vacancy rates held steady at 0.7%, with 1,117 dwellings available, reflecting ongoing supply shortages.

Canberra: Vacancy rates increased to 1.4%, from 1.1%, with 873 dwellings vacant. The market has shown signs of easing following tighter conditions earlier in the year.

Darwin: Vacancy rates declined further to 0.3%, from 0.4%, with just 75 dwellings available, marking the tightest rental market in the country.

Hobart: Vacancy rates rose slightly to 0.5%, from 0.4%, with 140 dwellings available, though conditions remain very tight overall.

Advertised rents analysis

National advertised rents continued to rise through May, with combined rents increasing 0.7% over the past 30 days and 7.3% higher year-on-year, reflecting ongoing tight rental market conditions across most capital cities.

The national combined rent average now stands at $696.94 per week, while the capital city average has increased to $794.54, supported by continued growth in both house and unit rents.

Nationally, house rents rose 0.5% for the month and 7.8% over the year, while unit rents increased 0.8% monthly and 6.5% annually, indicating sustained demand for medium-density accommodation.

Sydney: Combined rents rose 0.3% for the month and 7.3% year-on-year, with house rents averaging $1,156.97 per week.

Melbourne: Combined rents increased 0.3% monthly and 6.1% annually, supported by continued gains in unit rents.

Brisbane: Combined rents rose 1.4% for the month and 8.1% over the year, reflecting continued population-driven demand.

Perth: Combined rents declined 0.2% over the month but remain 6.3% higher year-on-year, indicating some short-term easing after sustained growth.

Adelaide: Combined rents fell 0.8% for the month but are still 4.6% higher annually, with unit rents continuing to outperform houses.

Canberra: Combined rents increased 1.3% monthly and 1.4% annually, suggesting improving rental market conditions.

Darwin: Combined rents rose 1.5% for the month and 11.3% year-on-year, maintaining one of the strongest rental growth rates nationally.

Hobart: Combined rents increased 0.5% over the month and 15.2% annually, reflecting continued tight rental supply.

Louis Christopher, Managing Director of SQM Research, commented: “While the national vacancy rate has risen modestly over recent months, rental market conditions remain extremely tight by historical standards, particularly in cities such as Darwin, Brisbane and Perth.

The renewed rise in asking rents — now up 7.3% nationally over the past year — highlights the ongoing imbalance between rental supply and tenant demand across much of the country.

We are recording very limited rental availability in several capital cities, which is continuing to place upward pressure on rents despite some modest increases in listings. Without a sustained lift in housing supply and/or a steadying of demand, rental affordability pressures are likely to remain a major issue throughout 2026.

With regard to the impeding property tax changes, we have previously done rigorous modelling on a pullback of negative gearing scenario. While I have no doubt in my mind this change is going to put additional pressure on the rental market, the time for talking is now over. We will soon see actual data come through.”

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• Total national property listings were broadly flat in April (-0.1% month-on-month) at 234,469 dwellings.
• Listings are 3.3% lower year-on-year, indicating continued but easing supply constraints.
• New listings declined 6.8% in April following March’s lift but remain 11.1% higher year-on-year.
• Old listings increased 3.6%, suggesting some accumulation of longer-dated stock. • Distressed listings rose 4.2% month-on-month, though remain 23.7% lower than a year ago.
• Asking prices softened slightly over the month but remain 11.5% higher year-on-year nationally.

Total listings

Australia’s housing market recorded a further lift in listings during March, with total national residential stock rising 3.5% to 234,734 dwellings, reflecting a continued post-summer recovery in supply.

Sydney declined 3.1% for the month, while Melbourne was broadly flat (+0.4%) and remains 10.0% higher year-on-year.

Brisbane rose 3.6%, though remains 9.4% below last year’s levels.

Perth stock on market continued to lift, rising a further 4.3% month-on-month to 13,133 dwellings, extending the rebound seen in March. Despite this, listings remain 15.9% lower yearon-year, highlighting that supply conditions are still relatively tight for now.

Adelaide (-0.5%) and Canberra (-3.8%) recorded declines, while Darwin (+6.2%) posted a stronger increase.

Hobart fell 3.5%, continuing its softer trend.

New listings

New listings declined 6.8% nationally in April to 73,588 dwellings, following March’s increase, reflecting a moderation in fresh supply entering the market and driven by the April public holidays as well as some uncertainty by would-be vendors

Sydney (-22.0%) and Melbourne (-12.9%) recorded the largest pullbacks after strong prior months.

Brisbane (-3.7%), Adelaide (-2.2%) and Perth (-1.2%) also eased modestly. Canberra (-13.0%) and Darwin (-7.0%) declined, while Hobart fell 4.6%.

Despite the monthly decline, new listings remain 11.1% higher year-on-year, suggesting underlying vendor activity remains stronger than in 2025.

Old listings

Older stock increased 3.6% nationally to 66,819 dwellings, indicating a modest accumulation of longer-dated listings.

Sydney (+4.6%), Melbourne (+5.2%) and Brisbane (+4.9%) all recorded increases. Adelaide (+10.9%) and Canberra (+6.0%) also saw notable rises.

Perth was the exception, with old listings declining 4.0%, suggesting continued absorption of stock despite the recent lift in total listings.

Darwin (+13.2%) recorded a strong increase, though remains significantly below last year’s levels (-53.5% YoY). Hobart declined 2.0%.

Distressed listings

Distressed listings rose 4.2% in April to 3,659 properties, though remain 23.7% lower yearon-year, indicating overall financial conditions remain relatively stable.

New South Wales (+5.0%), Queensland (+5.7%) and Western Australia (+8.0%) all recorded increases.

Victoria (+1.4%) and South Australia (+5.3%) also rose modestly.

The ACT was flat (0.0%) but remains elevated compared to last year (+76.0% YoY), continuing to warrant monitoring.

Tasmania (-10.2%) was the only state to record a notable decline.

Asking prices

SQM Research’s Weekly Asking Prices Index for the week ending 27 April 2026 showed mixed price movements across capital cities.

Nationally, asking prices eased slightly over the month, with houses down 0.3%, units up 0.3%, and combined dwellings slipping 0.2%, while remaining 11.5% higher year-on-year.

Sydney (-0.5%) and Brisbane (-1.3%) recorded monthly declines in combined prices, while Melbourne was broadly flat.

Perth continued to show resilience, with combined asking prices rising 0.7% over the month and 18.6% annually.

Adelaide posted a 1.4% monthly gain, while Canberra declined 2.3%, reflecting softer shortterm conditions.

Darwin recorded a slight monthly decline in combined asking prices (-0.2%), while remaining 11.6% higher year-on-year.

Hobart recorded a solid rebound of 1.9% over the month and remains 7.8% higher year-onyear.

Commentary

Louis Christopher, Managing Director, SQM Research “April’s figures highlight an uncertain market and one that was impacted by the seasonal public holidays,” said Louis Christopher.

“While total listings were broadly unchanged over the month, the composition of the data is quite mixed. We are seeing some pullback in new listings alongside a rise in older stock, which suggests vendor uncertainty and cautious buyers.”

“Perth a key market to watch. There might be signs of a slowing in activity. Listings have now risen for two consecutive months, which is notable given how tight conditions have been. However, supply is still well below last year’s levels.”

“At the same time, distressed listings remain relatively low, and asking prices are still well above where they were a year ago. This indicates the market remains supported, even as short-term conditions become more variable.”

“In my opinion, tomorrow’s RBA meeting is going to be crucial for market momentum over the winter months. While it is likely the cash rate will rise to 4.35%, the language that goes with it will be just as important. If the RBA flags more rate hikes, we can expect a sustained downturn in listings activity for the remainder of the year.

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The March result indicates that strong tenant demand continues to absorb available rental stock, with vacancy rates now approaching critically low levels across several capital cities.

SQM’s calculations of vacancies are based on online rental listings that have been advertised for three weeks or more compared to the total number of established rental properties. SQM considers this to be a superior methodology compared to using a potentially incomplete sample of agency surveys or merely relying on raw online listings advertised. Please go to our Methodology page for more information on how SQM’s vacancies are compiled.

Capital city highlights

Sydney: Vacancy rates declined to 1.1%, down from 1.3%, with 8,469 dwellings available. The market continues to tighten following strong leasing activity.

Melbourne: Vacancy rates eased to 1.4%, from 1.6%, with 7,549 vacancies recorded. Conditions remain relatively balanced compared to other capitals.

Brisbane: Vacancy rates held steady at 0.8%, with 2,662 dwellings available, maintaining one of the tightest rental markets in the country.

Perth: Vacancy rates fell further to 0.5%, from 0.6%, with 988 dwellings vacant. Perth remains among the most constrained rental markets nationally. Page 2 of 5

Adelaide: Vacancy rates declined to 0.7%, down from 0.8%, with 1,071 dwellings available. Supply remains limited.

Canberra: Vacancy rates held steady at 1.1%, with 700 dwellings available, indicating a stabilisation following earlier fluctuations.

Darwin: Vacancy rates dropped to 0.4%, from 0.6%, with just 93 dwellings vacant, marking one of the lowest vacancy levels nationally.

Hobart: Vacancy rates remained tight at 0.4%, with 121 dwellings available, continuing to reflect constrained rental supply.

Advertised rents analysis

National advertised rents continued to rise through early April, with combined rents increasing 0.4% over the past 30 days and 5.9% higher year-on-year, reflecting ongoing supply shortages across most capital cities.

The national combined rent average now stands at $692.45 per week, while the capital city average has increased to $791.44, supported by steady growth in both house and unit rents.

Nationally, house rents were broadly flat over the month (-0.3%) but remain 6.0% higher over the year, while unit rents rose 1.4% monthly and 5.6% annually, suggesting continued demand for medium-density accommodation.

Sydney: Combined rents rose 0.9% for the month and 7.4% year-on-year, with house rents averaging $1,154.05 per week.

Melbourne: Combined rents increased 0.6% monthly and 5.9% annually, supported by steady leasing activity.

Brisbane: Combined rents edged down 0.1% for the month but remain 6.8% higher over the year, indicating a pause following strong growth.

Perth: Combined rents rose 1.2% for the month and 6.9% annually, reflecting ongoing rental shortages.

Adelaide: Combined rents increased 1.5% monthly and 4.4% annually, supported by rising unit rents.

Canberra: Combined rents rose 2.5% for the month and 1.1% annually, indicating renewed momentum following earlier softness. Page 3 of 5

Darwin: Combined rents lifted 0.6% monthly and 10.2% annually, maintaining strong annual growth.

Hobart: Combined rents rose 2.9% for the month and are 12.5% higher year-on-year, reflecting ongoing tight rental conditions and limited supply.

Louis Christopher, Managing Director of SQM Research, commented:  “The national vacancy rate dropping to 1.0% highlights just how tight Australia’s rental market has become. We are now seeing vacancy rates at critically low levels in several cities, particularly Perth, Darwin and Hobart.

“While some markets are showing brief pauses in rental growth, the overall trend remains upward due to the ongoing imbalance between supply and demand.

“Without a significant increase in new housing supply and/or a stabilisation of population growth rates, it is likely that rental pressures will remain elevated throughout 2026. These accelerated rates of rental increases will no doubt feed through to the CPI at some point this year.”

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Australia’s national residential vacancy rate fell to 1.1% in February 2026, down from 1.2% in January and notably down from February 2025 (1.3%). The total number of residential vacancies declined to 34,572 dwellings, indicating continued tightening in rental market conditions across most capital cities.

The February result suggests that the seasonal tightening typically observed at the start of the year has continued and expanded, with strong tenant demand absorbing available rental listings down to levels below what was recorded this time last year .

Capital city highlights

Sydney:
Vacancy rates declined to 1.3%, down from 1.5% in January, with 9,491 dwellings available. The city continues to see strong tenant demand following the summer leasing period.

Melbourne:
Vacancy rates tightened to 1.6%, from 1.7%, with 8,294 vacancies recorded. Rental conditions remain relatively balanced compared with other major capitals.

Brisbane:
Vacancy rates tightened slightly to 0.8%, down from 0.9%, with 3,002 dwellings available, maintaining one of the tighter markets nationally.

Perth:
Vacancy rates held steady at 0.6%, with 1,130 dwellings available. The city continues to experience strong rental demand amid extremely limited new supply.

Adelaide: Vacancy rates remained unchanged at 0.8%, with 1,203 vacancies recorded. Supply constraints continue to keep rental conditions tight.

Canberra:
Vacancy rates declined to 1.1%, from 1.4%, with 688 dwellings available. The drop reflects stronger leasing activity in early 2026.

Darwin:
Vacancy rates fell to 0.6%, down from 0.8%, with 144 dwellings vacant, marking one of the lowest vacancy levels among the capital cities.

Hobart:
Vacancy rates increased slightly to 0.5%, from 0.4%, with 132 dwellings available. Despite the increase, Hobart remains one of the tightest rental markets nationally.

Advertised rents analysis

National advertised rents continued to rise through early March, with combined rents increasing 1.0% over the past 30 days and 6.6% higher year-on-year, reflecting ongoing supply shortages across most capital cities. This represents an acceleration in rents compared to the same period in 2025.

The national combined rent average now stands at $688.76 per week, while the capital city average has increased to $782.57, supported by gains in both house and unit rents.

Nationally, house rents rose 1.6% for the month and 7.8% over the year, while unit rents increased 0.1% monthly and 4.6% annually, indicating steady demand for mediumdensity accommodation.

Sydney:
Combined rents rose 0.5% for the month and 7.3% year-on-year, driven by strong house rent growth with houses averaging $1,145.45 per week.

Melbourne:
Combined rents increased 0.8% monthly and 5.0% annually, supported by continued leasing activity across both houses and units.

Brisbane:
Combined rents rose 0.6% for the month and 8.0% over the year, reflecting sustained population inflows.

Perth:
Combinedrents lifted 1.3% month-on-month and 5.5% year-on-year, highlighting the city’s ongoing rental supply shortages.

Adelaide:
Combined rents increased 0.3% for the month and 2.8% annually, with house rents averaging $690.13 per week.

Canberra:
Combined rents declined 1.1% over the month and 2.5% over the year, indicating some short-term easing in the ACT market.

Darwin:
Combined rents rose 1.9% for the month and 12.7% annually, representing one of the strongest rental growth rates nationally.

Hobart:
Combined rents increased 2.9% for the month and 12.2% year-on-year, reflecting ongoing supply constraints.

Louis Christopher, Managing Director of SQM Research, commented: “The national vacancy rate falling to 1.1% shows the rental market remains very tight across most of the country. While some seasonal tightening is expected at this time of year, demand for rental housing is clearly continuing to outstrip available supply and so this move goes beyond normal seasonality.

“Vacancy rates below one per cent in cities such as Brisbane, Perth and Darwin highlight just how constrained rental supply remains in parts of Australia.

“With advertised rents continuing to accelerate higher, the data suggests tenants are still facing strong competition for available properties. Without a meaningful lift in new housing supply and an easing in demand, rental pressures are likely to remain a feature of the market through much of 2026, which may feed into the CPI.”

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• Energy price pass-through lifting household bills (e.g., petrol potentially to $2.57/L at $150 oil) and eroding affordability.
• Limited wage growth amid AI adoption curbing labor demands, contrasting with 1970s-style spirals.
• Potential government rebates providing some offset, but not enough to fully revive momentum. (Source: SQM Research, March 2026).

Forecasts are annual percentage changes in dwelling prices. Scenarios incorporate RBA outlooks, energy shocks, and economic sensitivities.

Revised Base Case Sees Weighted Capital City Growth of 0% to +3%, down from Prior +6% to +10% Sydney, 10 March 2026 – SQM Research has revised its 2026 dwelling price forecasts downward, reflecting heightened risks from persistent energy shocks, reaccelerating inflation, and potential further RBA rate hikes. Under the updated base case— assuming the cash rate rises to 4.35% by mid-2026 and annual CPI peaks at 4.4%-5.0% for the June quarter—weighted capital city prices are now expected to rise by just 0% to +3%, a significant downgrade from the November 2025 projection of +6% to +10%.

The revisions account for escalating Middle East tensions disrupting oil supplies (Brent crude above $92 per barrel, with upside to $150), which could amplify cost-of-living pressures, suppress buyer sentiment, and force tighter monetary policy. While Perth and Darwin retain strong outlooks (+10% to +13% and +12% to +16%, respectively) due to resource-driven demand, major eastern capitals like Sydney (-6% to -2%) and Melbourne (-4% to -1%) face steeper headwinds from higher borrowing costs and subdued migration.

Alternative scenarios highlight the sensitivity to inflation and rates: In an aggressive hiking path (cash rate to 4.5%+ by year end, CPI to 5.5%+ by September), growth weakens further to -3% to +1% weighted average. Conversely, if rates peak at 4.1% then ease later in the year, or hold steady at 3.85%, outcomes improve modestly to +2% to +7% or +3% to +7%.

Louis Christopher, Managing Director of SQM Research, commented: “Our revised forecasts reflect a more cautious outlook as energy-driven inflation risks mount, potentially delaying rate relief and weighing on housing demand. While resource-heavy markets like Perth and Darwin hold firm, the downgrades in Sydney and Melbourne highlight vulnerability to higher rates. If shocks persist, we could see even softer outcomes, though fiscal measures like energy rebates might provide a buffer. Investors should monitor RBA signals closely amid these uncertainties.”

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