Sydney and Brisbane recorded their largest weekly price declines of 2026.Adelaide posted its second-largest decline of the year. Perth recorded its equal second largest.Melbourne also fell, but at a pace consistent with its recent run.Four of the five major capital cities fell sharply in the same week, an unusual concentrationOne weak week is not enough to call a new trend, but it undercuts recent signs of stabilisation.Big Picture
Unusually large price declines were recorded across almost every capital city last week. That degree of concentration is difficult to ignore, although a single week of data cannot establish a common cause or confirm a renewed downturn. Four-week moving averages also weakened modestly, with the declines occurring despite greater interest rate certainty following the recent inflation result. The next several weeks should reveal whether this is an isolated setback or the start of a broader deterioration.Sydney
Weekly change: -0.48% (largest fall of 2026). 4-week moving average: -0.34% to -0.37%. Price: $1.207 million, down $5,800 in the week. Year to date: -5.9% ($73,900).
Sydney's correction had been flattening since June, but this week's fall interrupts that pattern. The price remains closely aligned with its non-linear trend, so the pullback brings actual and projected paths back together rather than pulling them apart. It is too early to say the correction is accelerating again.Melbourne
Weekly change: -0.31%. 4-week moving average: -0.26% to -0.28%. Price: $782,200, down $2,400 in the week. Year to date: -5.6% ($44,900).
Melbourne's decline was the largest since late June, but the moving average has held in a narrow band for a month, so the pace of decline looks steady rather than worsening. The price continues to track its non-linear trend closely, with no clear divergence in either direction.Brisbane
Weekly change: -0.33% (largest fall of 2026). 4-week moving average: -0.11% to -0.14%. Price: $1.081 million, down $3,600 in the week. Year to date: +4.3% (down from +4.6% a week earlier).
Brisbane's fall represents a significant reversal from the previous two weeks and eats into its 2026 price gains. Prices would need to fall roughly 0.22% a week on average for the rest of the year to erase all 2026 gains, well beyond the current moving average, so Brisbane still holds a solid buffer for now.Adelaide
Weekly change: -0.29% (second largest fall of 2026). 4-week moving average: -0.07% to -0.10%. Price: $937,800, down $2,700 in the week. Year to date: +3.9% (down from +4.2% a week earlier).
The weekly fall was notable, but the moving average moved marginally, staying within a narrow range since July. Adelaide would need roughly 0.20% average weekly declines for the rest of the year to erase its 2026 gains, about double the current pace, so one underperforming week does not put those gains at immediate risk.Perth
Weekly change: -0.20% (equal second largest fall of 2026). 4-week moving average: -0.06% to -0.09%. Price: $1.004 million, down $2,100 in the week. Year to date: +6.5% (down from +6.7% a week earlier), still the strongest of the five cities.
This is Perth's fifth straight weekly decline, and a clearer downward bias is starting to show. Even so, the actual price remains above its non-linear trend, which has turned down more sharply. To date, Perth's moderation remains materially milder than the corrections observed in Sydney or Melbourne.What to Watch NextWhether Sydney's moving average keeps deteriorating or the flattening pattern reasserts itself.Whether Brisbane, Adelaide and Perth's weekly falls repeat or prove to be one-offs.Whether reduced interest rate risk starts showing up in buyer demand and price momentum.Whether the third quarter still ends up marking a low point for the correction, or whether that view needs to be revised.
