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 0.3% in June 2026 — the third consecutive monthly decline and the steepest of the sequence. The national median sits at $903,000, down 0.9% from the March 2026 peak but still up 5.8% year-on-year. Seven of eight capital cities declined in June; only Darwin rose.
The Latest Numbers (June 2026)
National: −0.3% for the month · +5.8% annually (+$71,900 over the year) · median $903,000 · −0.9% from peak · +34.6% over five years. The downturn broadened materially in June: where April's first fall was a Sydney-and-Melbourne story, June saw declines in seven of eight capitals — including the boom markets of Brisbane, Adelaide and Hobart.
Monthly Change in Home Prices by Capital — June 2026
June was the first month this cycle that looks national: seven of eight capitals declined, with only Darwin (+0.2%) rising. The national reading is shown in amber.
Source: PropTrack Home Price Index, June 2026 (REA Group, released 1 July 2026).
| Market | Monthly | Annual | From peak | Median |
|---|---|---|---|---|
| Sydney | −0.5% | +0.5% | −2.5% | $1,225,000 |
| Melbourne | −0.4% | −1.1% | −3.1% | $839,000 |
| Brisbane | −0.2% | +13.9% | −0.4% | $1,073,000 |
| Adelaide | −0.2% | +11.9% | −0.2% | $942,000 |
| Perth | −0.5% | +17.1% | −1.2% | $1,010,000 |
| Hobart | −0.2% | +9.4% | −0.2% | $732,000 |
| Darwin | +0.2% | +16.7% | At peak | $635,000 |
| Canberra | −0.4% | +0.8% | −1.9% | $858,000 |
| Combined capitals | −0.4% | +4.5% | −1.3% | $1,005,000 |
| Regional areas | 0.0% | +9.5% | At peak | $723,000 |
| National | −0.3% | +5.8% | −0.9% | $903,000 |
Source: PropTrack Home Price Index, June 2026 (REA Group, released 1 July 2026).
Houses vs units (national): houses +5.6% annually (median ~$1,001,000); units +6.7% annually (median ~$735,000). Units recorded smaller monthly declines and stronger annual growth — a $266,000 gap between the medians with affordability-constrained buyers and yield-driven investors converging on the same stock.
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%. Three straight falls, each broader than the last — a grinding correction rather than a crash, with the national median still only 0.9% below its peak.
National Monthly Change Since the March 2026 Peak
Three consecutive falls, each print broader than the last: –0.1% in April, –0.04% in May, –0.3% in June. A grinding correction rather than a crash — the national median remains just 0.9% below peak.
Source: PropTrack Home Price Index, June 2026 (REA Group, released 1 July 2026). April and May readings from PropTrack's prior monthly releases.
Two features distinguish this downturn so far:
- It runs on segments, not the whole market. Established houses in Sydney and Melbourne are carrying the declines. Units nationally, Darwin, and regional markets (flat in June at record levels, +9.5% for the year) are holding or rising.
- Sellers are withdrawing, not capitulating. With five-year growth at +34.6%, equity buffers are deep and forced selling is largely absent — which caps how fast prices can fall while rates stay at 4.35%.
Annual Home Price Growth by Market — Year to June 2026
The annual view still shows the boom's geography — Perth +17.1%, Darwin +16.7%, Brisbane +13.9% — against Melbourne, the only market in annual decline (–1.1%). National and regional readings shown in amber.
Source: PropTrack Home Price Index, June 2026 (REA Group, released 1 July 2026).
Cross-Check: PropTrack vs Cotality
The two major index providers agreed on the June direction nationally (PropTrack –0.3%, Cotality –0.4%) but diverged sharply on Perth — PropTrack recorded –0.5% while Cotality recorded +0.7%. A sign disagreement on the fastest-growing annual market (+17.1%) is a volatility warning: treat Perth's June print as unconfirmed until the July releases arbitrate. 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 — June 2026 Monthly Change
Direction agrees nationally, but four capitals carry sign disagreements — Perth is the sharpest (PropTrack –0.5% vs Cotality +0.7%). Per-city magnitudes routinely differ 20–40 basis points on methodology alone.
Source: PropTrack Home Price Index, June 2026 (REA Group, released 1 July 2026). Cotality Home Value Index, June 2026.
What This Means for Investors — Our Analysis
- Position by segment, not the headline. The –0.3% national print blends falling south-eastern houses with rising northern and regional markets. The index that matters is the one for the segment you're buying.
- Yield maths improves every month this continues. Prices drifting down ~0.3% monthly against rents growing ~6% annually mechanically expands gross yields, so the longer the grind runs, the better the entry arithmetic gets. Model it with our capital growth calculator.
- Units are the quiet outperformer. Smaller monthly declines and stronger annual growth (+6.7%) as affordability-constrained owner-occupiers and yield-driven investors converge on the same stock.
- 11 August is the branch point. A fourth RBA 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.
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, Home Price Index — June 2026: “Australian home prices fall in June, as all but one capital city record a decline” (REA Group, released 1 July 2026; Anne Flaherty, Senior Economist) — proptrack.com.au
- PropTrack, Home Price Index, April 2026 (released ~1 May 2026)
- Cotality, Home Value Index, June 2026 — cross-check figures via our Home Value Index Tracker
- RBA cash rate decisions, February–May 2026 (3.60% → 4.35%)
Frequently Asked Questions
Around the 1st of each month, covering the prior month. The July 2026 edition is expected ~1 August 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 — June 2026's Perth print (−0.5% vs +0.7%) is a live example of divergence.
On the June 2026 PropTrack index, yes — nationally prices fell 0.3%, the third consecutive monthly decline since the March 2026 peak. But the falls are concentrated in established houses in Sydney and Melbourne; Darwin, regional markets and units are holding up or rising.
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 June's –0.3% the broadest fall yet. The national median is still up 5.8% on the year, equity buffers are keeping forced sellers away, and the correction is concentrated in south-eastern established houses while units, Darwin and the regions hold firm. For investors, every month of grind improves entry yields; the 11 August RBA decision 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.
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