April 2026 Market Update

Australia’s housing market (as a whole) is beginning to lose momentum as we move deeper into 2026, with national growth slowing and conditions becoming more uneven between markets. April recorded one of the softest national monthly increases in over a year, largely driven by declines in Sydney and Melbourne, while other capitals continue to rise from a stronger base. Sydney and Melbourne have confirmed their moved further into a softer phase, both recording falls of 0.6% over the month. Annual growth has eased to 4.2% in Sydney and just 2.0% in Melbourne, with values now sitting below their recent peaks. At the same time, growth across ‘most’ other capitals is also moderating. National values rose just 0.3% for the month, the slowest pace since early 2025 highlighting that the broader market is losing momentum.

Perth, however, continues to stand apart. Median Dwelling Values increased a further 2.1% in April, contributing to 6.8% growth over the quarter and approximately 26% annually as reported by Cotality. In dollar terms, this equates to more than $21,000 added to the median dwelling value in a single month. Despite a slight drop from the 2.5% growth in March 2026, this was still a higher growth rate than all but one month (November) from 2025.

REIWA data reflects a market that is evolving but not yet slowing. Perth’s median house price has now reached $896,000, increasing 1.24% over the month and 4.8% across the quarter. Growth remains consistent, but the dynamics behind that growth are starting to shift. The most notable change through April has been the increase in available stock. Listings rose to 4,182 properties, the highest level since May 2025. We have now had four consecutive months of increased supply, however the market is still well below required stock levels. The sales-to-stock ratio was dropped to 16% for April, the lowest level since April last year (outside of the December period), while days on market have increased slightly to 10.

At face value, this suggests a market heading towards a more balanced status. But the critical point is this: demand has not dropped off. Sales volumes remain strong, with approximately 800 transactions recorded in the final week of April, consistent with recent weeks and significantly higher than the same time last year, when only 536 sales were recorded. This highlights that while supply is increasing, it is being absorbed at a rate well above more recent historical levels.

Perth’s rental market remains steady, with median house rents holding at $730 per week. While rental growth has stabilised in the short term, vacancy rates remain relatively low and underlying demand drivers are still in place.

Within the City of Melville, these trends are even more pronounced.

The median house price has increased to $1,550,000, rising 1.47% over the month and 4.73% across the quarter. Price growth remains consistent, particularly for well-located homes with strong land value fundamentals. Sales activity recorded 101 transactions for the month. While this is slightly lower over the three-month period, it remains higher over six and twelve months, reinforcing the depth of current buyer demand in the area.

The standout metric locally is the sales-to-stock ratio, which has increased to 53%, the highest level recorded since our tracking began in December 2023. This is a key signal that, despite rising supply, competition remains extremely strong.

Listings have increased significantly to 146 properties, up 22.67% from March and approximately 50% over the past three months. However, this increase has not translated into any meaningful slowdown in price growth, reinforcing the strength of underlying demand.

The suburb breakdown continues to highlight how supply is being distributed:

• Alfred Cove – 3

• Applecross – 48

• Ardross – 6

• Attadale – 19

• Bicton – 14

• Booragoon – 14

• Melville – 17

• Mount Pleasant – 24

• Myaree – 3

Even with more stock coming to market, availability across key suburbs remains relatively tight when viewed in a broader context.

Current Market Climate (April 2026)

The April data is starting to show a clearer shift in market behaviour. Not a change in direction, but a change in tempo. Across the country, rising interest rates, affordability constraints and weaker sentiment are beginning to weigh more heavily on demand. As noted in the latest data, higher borrowing costs and cost-of-living pressures are expected to further reduce purchasing capacity and confidence moving forward, but this may only be short term. Financial markets are already pricing in additional rate rises through 2026, which will continue to act as a headwind.

In most markets, this combination is leading to softer conditions. In Perth, it’s leading to something different. The increase in listings is beginning to rebalance the market at the margin, giving buyers more choice and slightly more time to make decisions. But it is not shifting the core dynamic. Demand remains strong, supply remains structurally constrained, and new housing delivery continues to lag population growth.

The likely impact of further RBA rate rises will be a continued moderation in momentum rather than any reversal. Buyer behaviour will become more selective, borrowing capacity will tighten further, and days on market may extend slightly. However, unless there is a sustained and significant increase in supply, the underlying imbalance is likely to remain.

What we are seeing now is a market transitioning out of its most aggressive growth phase and into a more sustainable one. Less urgency, more choice, but still fundamentally undersupplied. And in that environment, price growth doesn’t disappear, it just becomes more measured.