Momentum Stabilises Across the Capitals, But the Correction Isn't Over

Sydney's price falls have stopped accelerating, but prices are still dropping.Melbourne's decline keeps gradually easing, a trend now running since mid-July.Brisbane posted its strongest momentum reading in months, and two flat weeks in a row.Adelaide's correction stays shallow, alternating between small gains and small losses.Perth is balanced on a knife edge between renewed growth and a deeper slide.The immediate threat of another rate hike has faded, which may help buyer confidence.The Big PicturePrices are still falling in Sydney, Melbourne, Brisbane and Adelaide, and Perth is sitting close to flat. That part hasn't changed. What has changed is the trend in the trend. Through the middle of the year, weekly declines kept getting worse across the board. That's no longer happening. Every major capital is now either stabilising or improving on a four week view. It's too early to call this a turning point, but it's the clearest sign yet that the deterioration seen through the second quarter may be levelling off.Sydney-0.28% weekly | 4wk average -0.34% | $1.213m | -5.45% ($68,000) since start of 2026Sydney fell 0.28 per cent last week, a touch better than the 0.34 per cent drop the week before, and the smallest weekly fall in five weeks. The four week moving average held steady at -0.34 per cent, so the pace of decline isn't getting worse, even if it isn't getting better yet either. With another rate rise now looking unlikely, the question is whether that certainty is enough to steady buyer confidence in a market where big mortgages make buyers especially sensitive to borrowing costs.Melbourne-0.23% weekly | 4wk average -0.26% | $784,600 | -5.3% ($42,500) since start of 2026Melbourne fell 0.23 per cent last week, down from 0.27 per cent, and again the smallest weekly decline of the past month. The four week average improved from -0.28 per cent to -0.26 per cent, continuing the gradual improvement that's been building since mid-July. Prices are still falling and the cumulative loss for the year keeps growing, but the trend is now pointing the right way.Brisbane-0.05% weekly | 4wk average -0.11% | $1.085m | +4.6% ($48,400) since start of 2026Brisbane dipped 0.05 per cent last week after a 0.03 per cent rise the week before, essentially flat two weeks running. The four week average jumped from -0.15 per cent to -0.11 per cent, its best reading in four weeks and the largest weekly improvement since March. Brisbane has held onto most of its earlier gains this year, and the recent flattening suggests the correction may be starting to lose steam.Adelaide-0.05% weekly | 4wk average -0.07% | $940,600 | +4.2% ($38,300) since start of 2026Adelaide slipped 0.05 per cent last week following a 0.04 per cent gain the week before. The four week average was unchanged at -0.07 per cent. Weekly results have been alternating between small gains and small losses for a while now, which points to a correction that remains shallow rather than one that's deepening.Perth-0.03% weekly | 4wk average -0.06% | $1.006m | +6.7% ($65,000) since start of 2026Perth fell just 0.03 per cent last week, after a 0.08 per cent fall the week before. The four week average slipped slightly, from -0.03 per cent to -0.06 per cent, but stays close to zero. Weekly moves have gone back and forth since June without settling into a clear direction, though the last four weeks have all been mildly negative. Perth still holds the strongest cumulative gain of the five cities this year, and remains the market most finely poised between stability and a more sustained slide.