Price Falls Broaden Across All Five Capital Cities

All five major capital cities recorded price declines last week.Sydney and Melbourne declines moderated, while Brisbane and Adelaide remained weak.Perth recorded its sixth consecutive weekly decline.Melbourne is showing the clearest evidence that the pace of its correction is easing.Brisbane, Adelaide and Perth now face a more important test of whether recent weakness persists.Big PicturePrice weakness is becoming increasingly broad-based across the five major capital cities, although the underlying momentum remains different. Sydney continues to experience persistent declines, Melbourne is gradually improving, while Brisbane and Adelaide have weakened over the past fortnight. Perth has now recorded six consecutive weekly falls. The markets are increasingly moving in the same direction, but not yet at the same pace.Sydney Weekly change: -0.32%. 4-week Moving Average: -0.37% to -0.36%. Price: $1.203 million, down about $3,900 in the week. 2026 Cumulative Growth: -6.3%.Sydney's largest weekly fall of 2026 was not repeated. However, 14 consecutive weekly declines and a four-week moving average close to its weakest level of the year show that downward pressure remains persistent. The correction is firmly established, but there is not yet clear evidence of renewed acceleration. MelbourneWeekly change: -0.22%. 4-week Moving Average: -0.28% to -0.26%. Price: $780,500, down about $1,700 in the week. 2026 Cumulative Growth: -5.8%.Melbourne continues to provide the clearest evidence of moderation. Its four-week moving average has generally improved since early July, suggesting the intensity of the correction is gradually easing even though dwelling prices continue to decline. Brisbane Weekly change: -0.25%. 4-week Moving Average: -0.14% to -0.15%. Price: $1.078 million, down about $2,800 in the week. 2026 Cumulative Growth: +4.0%.Brisbane has now recorded two relatively weak weeks in succession. Its moving average is still being supported by stronger results from earlier in August, so further declines around recent rates could push underlying momentum materially lower over the next two weeks. Adelaide Weekly change: -0.31%. 4-week Moving Average: -0.10% to -0.15%. Price: $934,900, down about $2,900 in the week. 2026 Cumulative Growth: +3.6%. Adelaide has recorded consecutive declines of 0.29% and 0.31%, pushing its moving average noticeably lower. At -0.15%, it is now approaching the roughly -0.18% average weekly decline required to eliminate its remaining 2026 gains by year-end.Perth Weekly change: -0.22%. 4-week Moving Average: -0.09% to -0.13%. Price: $1.001 million, down about $2,200 in the week. 2026 Cumulative Growth: +6.3%, still the strongest of the five cities. Perth has now recorded six consecutive weekly declines. The correction remains considerably milder than in Sydney and Melbourne, but the increasingly negative moving average makes it difficult to continue describing current conditions as simply stable.What to Watch NextWhether Sydney's moving average stabilises after last week's modest improvement.Whether Melbourne's gradual moderation continues.Whether further weak results push Brisbane and Adelaide moving averages materially lower.Whether Perth's six-week sequence of declines develops into a more persistent correction.