PropTrack Home Price Index Tracker
REA Group's PropTrack Home Price Index, tracked month by month — the latest national and capital-city price movements, the trend since the March 2026 peak, and what it means for investors. Updated within days of every monthly release.
What is the PropTrack Home Price Index showing right now?
Australian home prices fell 0.2% in August 2026 — the fifth consecutive monthly decline since the March 2026 peak. Our PropTrack Home Price Index August 2026 analysis covers the full release, the annual-growth compression and the Cotality cross-check. The national median sits at $886,000, down 2.7% from peak but still up 1.8% year-on-year. Every capital city declined in August except Darwin (+0.1%), which reached a fresh record high — and Adelaide (–0.9%) recorded the largest capital-city fall.
The Latest Numbers (August 2026)
National: −0.2% for the month · +1.8% annually · median $886,000 · −2.7% from peak. The story inside August's print is divergence: the combined capitals are 3.6% below peak and barely positive for the year (+0.2%), while regional prices were flat in August, sit just 0.5% below peak and are still up 6.6% annually. Adelaide's –0.9% — the largest capital fall — marks a sharp momentum turn in a market up roughly 71% over five years, and Darwin's +0.1% set a fresh record high.
Monthly Change in Home Prices by Capital — August 2026
Every capital fell in August except Darwin (+0.1%, a fresh peak) — and the lead changed hands: Adelaide (–0.9%) recorded the largest capital-city fall, a sharp momentum turn for a market still up 8% on the year. The national reading is shown in amber.
Source: PropTrack Home Price Index, August 2026 (REA Group, released 1 September 2026).
| Market | Monthly | Annual | Median |
|---|---|---|---|
| Sydney | −0.3% | −3.6% | $1,194,000 |
| Melbourne | −0.2% | −4.3% | $823,000 |
| Brisbane | −0.3% | +7.5% | $1,046,000 |
| Adelaide | −0.9% | +8.0% | $928,000 |
| Perth | −0.2% | +10.4% | $980,000 |
| Hobart | −0.2% | +6.7% | $729,000 |
| Darwin | +0.1% | +14.1% | $639,000 |
| Canberra | −0.4% | −2.1% | $849,000 |
| Regional areas | 0.0% | +6.6% | $719,000 |
| National | −0.2% | +1.8% | $886,000 |
Source: PropTrack Home Price Index, August 2026 (REA Group, released 1 September 2026). National prices are 2.7% below their March 2026 peak.
Segment note: units keep outperforming houses on both indices — in August, PropTrack has houses –0.3% against units –0.1% (annually +1.5% vs +3.0%), and Cotality has houses –1.1% against units –0.5%. The premium end still leads the falls, but Cotality notes the gap between upper and lower quartiles is narrowing as the downturn broadens — affordable stock is no longer fully insulated. Our units-vs-houses analysis covers why the unit segment is holding up.
The Trend
Where are we in the cycle?
The national market peaked in March 2026. The monthly sequence since: April –0.1%, May –0.04%, June –0.3%, July –0.3%, August –0.2%. Five straight falls — the most sustained decline on this index since the 2022–23 downturn — yet still a grinding correction rather than a crash, with the national median 2.7% below its peak and PropTrack's Eleanor Creagh expecting further falls over the coming months, particularly across the capitals.
National Monthly Change Since the March 2026 Peak
Five consecutive falls: –0.1% in April, –0.04% in May, –0.3% in June and July, then –0.2% in August. A grinding correction rather than a crash — but a persistent one, with the national median now 2.7% below its March 2026 peak.
Source: PropTrack Home Price Index, August 2026 (REA Group, released 1 September 2026). April and May readings from PropTrack's prior monthly releases.
Two features distinguish this downturn so far:
- The capital–regional gap is now the defining split. The combined capitals are 3.6% below peak and only +0.2% for the year; regional markets are 0.5% below peak and +6.6%. Every capital except Darwin fell in August, while regional prices held flat — the correction is overwhelmingly a capital-city story.
- Sellers are withdrawing, not capitulating. Equity buffers from the boom years are deep and forced selling is largely absent — Cotality's sales estimate is running 15.5% below last year while capital-city stock has built to 24% above it because homes are taking longer to sell — which caps how fast prices can fall while rates stay at 4.35%.
Annual Home Price Growth by Market — Year to August 2026
The annual declines are deepening — Melbourne (–4.3%), Sydney (–3.6%) and Canberra (–2.1%) — while Darwin (+14.1%) stands alone at the top and the regions (+6.6%) now outrun the combined capitals (+0.2%) by more than six points. National and regional readings shown in amber.
Source: PropTrack Home Price Index, August 2026 (REA Group, released 1 September 2026).
Cross-Check: PropTrack vs Cotality
The two providers now agree completely on direction — every capital falling except Darwin — but the magnitude gap is the widest of the cycle: PropTrack printed –0.2% for August against Cotality's –0.9%, with Cotality reading Sydney at more than four times PropTrack's fall. Revisions keep resolving downward, toward the bearish read: Cotality revised its July national print from –0.7% to –1.2%, and its July Perth read swung from +0.1% to –1.3%. Our working rule, from the methodology comparison below: use either index for direction, neither for precision, and both for confidence. See the Home Value Index Tracker for the Cotality side.
PropTrack vs Cotality — August 2026 Monthly Change
Direction is now unanimous — every market here falls on both indices — but the magnitude gap is the widest of the cycle: Cotality prints a national –0.9% against PropTrack's –0.2%, and three to four times PropTrack's falls in Sydney, Melbourne and Brisbane. Adelaide is the striking exception, where PropTrack (–0.9%) is marginally the more bearish of the pair.
Source: PropTrack Home Price Index, August 2026 (REA Group, released 1 September 2026). Cotality Home Value Index, August 2026.
What This Means for Investors — Our Analysis
- Position by geography and segment, not the headline. The –0.2% national print blends capitals 3.6% below peak with regional markets barely off theirs, and falling houses with more resilient units. The index that matters is the one for the market you're buying.
- Yield maths improves every month this continues. Prices grinding lower against rents growing ~6% annually mechanically expands gross yields — Cotality's national gross yield hit 3.79% in August, a six-year high. The longer the grind runs, the better the entry arithmetic gets. Model it with our capital growth calculator.
- Momentum can turn fast in the boom markets. Adelaide went from +8.0% annual growth to the largest capital-city fall in a single print, and Perth is 3.2% off its April peak on Cotality's read. Five-year growth figures describe the past; the monthly direction is what an offer today should price.
- 28–29 September is the branch point. The hot July CPI has three major banks forecasting another hike, and PropTrack's own economists cite the rate outlook and tax changes as the weights on confidence. Another hike would extend the downturn into 2027; the first easing signal likely marks the bottom of the buyer's window. Watch the cash-rate decision, not the next index print.
Monthly Editions — Full Analysis Archive
Each month we publish a full investor deep-dive on the release. The tracker above always carries the latest figures.
Fifth consecutive fall (−0.2%); capitals 3.6% below peak and +0.2% annually while regional prices are flat, 0.5% below peak and +6.6%; Adelaide −0.9% the largest capital fall; annual growth compressed from 3.9% to 1.8% in one release.
Fourth consecutive fall (−0.3%), the sharpest in three years per PropTrack; Perth back under $1m; Canberra joins Sydney and Melbourne in annual decline.
Third straight fall (−0.3%); seven of eight capitals declined — only Darwin rose.
−0.04% between April's first fall and June's broadening.
First national fall of 2026 (−0.1%), driven by Sydney (−0.5%) and Melbourne (−0.3%); six capitals flat or positive.
Related one-off: PropTrack × Westpac investor report, March 2026 — the sub-$700K investor segment.
Methodology
How the PropTrack Home Price Index works: REA Group's monthly, hedonically adjusted measure of Australian home values, built from the realestate.com.au listings ecosystem combined with sales records. The hedonic model controls for what sold each month (property mix) rather than tracking raw medians. City figures cover each capital's Greater Capital City Statistical Area. Release timing: ~1st of each month, covering the prior month. Revisions: the full index history is recalculated monthly and the latest ~three years of values are revised as late-settling sales arrive — treat any single print as provisional.
vs Cotality HVI: Cotality (formerly CoreLogic) runs a daily hedonic index on a valuation database plus near-universal sales records. Per-city monthly magnitudes typically differ 20–40 basis points between the providers due to settlement lags, dataset differences, model weighting, composition timing and revisions policy.
Sources
- PropTrack (REA Group), Home Price Index — August 2026 (released 1 September 2026; commentary by Eleanor Creagh, Senior Economist) — proptrack.com.au/home-price-index
- PropTrack, Home Price Index, April–August 2026 editions (prior monthly releases)
- Cotality, Home Value Index, August 2026 — cross-check and segment figures via our Home Value Index Tracker
- RBA cash rate decisions, February–May 2026 (3.60% → 4.35%)
Frequently Asked Questions
Around the start of each month, covering the prior month. The September 2026 edition is expected ~1 October 2026 — this tracker is updated within days of each release.
No. PropTrack (REA Group) and Cotality (formerly CoreLogic) publish independent indices with different data and models. They usually agree on direction but differ on magnitude — in August 2026 both showed a national fall, but Cotality's read (−0.9%) was more than four times PropTrack's (−0.2%).
On the August 2026 PropTrack index, yes — nationally prices fell 0.2%, the fifth consecutive monthly decline since the March 2026 peak. Every capital fell except Darwin, which reached a fresh peak; regional prices were flat and remain up 6.6% over the year while the combined capitals are barely positive (+0.2%).
Treat it as provisional. PropTrack revises its recent history every month as late-settling sales arrive, and single-month prints can diverge from Cotality's by 20–40 basis points or more. Direction over 2–3 months is the more reliable signal.
The Bottom Line
The PropTrack index says Australia's housing market peaked in March 2026 and is grinding lower — not crashing — with August's –0.2% the fifth straight fall and the second with every capital down except Darwin. The correction is overwhelmingly a capital-city story: the capitals sit 3.6% below peak and barely positive for the year while the regions are 0.5% off peak and up 6.6%. Equity buffers are keeping forced sellers away even as stock builds, and every month of grind improves entry yields. The 28–29 September RBA decision — with a hike back in play after the hot July CPI — is the next genuine branch point.
Disclaimer
This page is general information only and does not constitute financial or tax advice. Consider your circumstances and seek professional advice before acting.
Get it in your inbox
This monthly analysis aggregates our ongoing market research. Get the full tactical breakdown — auction results, suburb-level opportunities, and investor strategies — delivered directly.