All Five Capital Cities Continue to Record Price Declines

All five major capital cities recorded price declines again last week.Four-week moving averages are converging: Sydney -0.34%, Melbourne -0.26%, Brisbane -0.25%, Adelaide -0.22% and Perth -0.19%.Brisbane and Perth recorded their largest weekly declines of 2026, while Adelaide remained weak.Sydney and Melbourne moving averages are comparatively stable, while Brisbane, Adelaide and Perth are deteriorating towards them.Big PictureThe five major capital city markets are becoming increasingly similar not only in direction, but also in underlying momentum. Sydney and Melbourne entered their corrections earlier, and their four-week moving averages are now comparatively stable. Brisbane, Adelaide and Perth have deteriorated rapidly towards them. The five moving averages now range from -0.34% in Sydney to -0.19% in Perth, raising the possibility that the current correction is converging towards a common range of decline.SydneyWeekly change: -0.29%. 4-Week Moving Average: -0.36% to -0.34%. Price: $1.199 million, down about $3,480 in the week. 2026 Cumulative Growth: -6.5%.Sydney has now recorded 15 consecutive weekly declines, but its moving average has stopped deteriorating and remains close to -0.35%. Prices are still falling substantially; the emerging question is whether the rate of decline is beginning to stabilise.MelbourneWeekly change: -0.28%. 4-Week Moving Average: broadly unchanged at -0.26%. Price: $778,300, down about $2,160 in the week. 2026 Cumulative Growth: -6.1%.Melbourne's earlier moderation paused last week, but its moving average remains well above the roughly -0.33% reached in early July. The correction continues, although there is not yet evidence of renewed acceleration.BrisbaneWeekly change: -0.37%. 4-Week Moving Average: -0.15% to -0.25%. Price: $1.074 million, down about $4,000 in the week. 2026 Cumulative Growth: +3.6%.Brisbane recorded its largest weekly decline of 2026. As anticipated last week, stronger early-August observations dropped out of the four-week calculation and the moving average deteriorated sharply. At -0.25%, it is now beyond the roughly -0.20% to -0.21% weekly rate required to erase Brisbane's remaining 2026 gains by year-end.AdelaideWeekly change: -0.23%. 4-Week Moving Average: -0.15% to -0.22%. Price: $932,700, down about $2,160 in the week. 2026 Cumulative Growth: +3.3%.Adelaide has now recorded three consecutive substantial declines. Its moving average has moved beyond the roughly -0.18% weekly decline required to eliminate its remaining 2026 gains by year-end, materially increasing the risk that those gains are erased.PerthWeekly change: -0.31%. 4-Week Moving Average: -0.13% to -0.19%. Price: $998,300, down about $3,100 in the week. 2026 Cumulative Growth: +6.0%, still the strongest of the five cities.Perth recorded its largest weekly decline of 2026 and has now fallen for seven consecutive weeks. Its moving average remains less negative than the other four cities, but is deteriorating in the same direction as Brisbane and Adelaide.What to Watch NextWhether Sydney's moving average continues to stabilise around -0.35%.Whether Melbourne remains near -0.26% or resumes its earlier moderation.Whether Brisbane and Adelaide continue towards the -0.30% to -0.35% range.Whether Perth's deteriorating moving average follows Brisbane and Adelaide lower.