The Correction Is Slowing Across the Five Capital Cities

Sydney and Melbourne continued to decline, Brisbane and Perth recorded smaller falls, while Adelaide recorded no weekly price growth.Four-week moving averages are now Sydney -0.36%, Melbourne -0.26%, Brisbane -0.28%, Adelaide -0.19% and Perth -0.22%.Adelaide recorded flat weekly growth, while Brisbane and Perth moderated following the larger declines recorded during late August.Sydney and Melbourne moving averages remain comparatively stable; Perth is also broadly stable, while Brisbane and Adelaide require further observations.The key emerging distinction is between dwelling prices continuing to fall and the underlying rate of decline no longer becoming progressively more severe.Big PictureThe underlying rate of dwelling price decline is showing increasing signs of stabilisation. Sydney and Melbourne remain firmly in correction, but their four-week moving averages have changed little in recent weeks. Brisbane and Perth recorded smaller weekly declines, while Adelaide recorded no weekly price growth. There is still insufficient evidence of a price bottom; the emerging signal is that the pace of the correction is no longer becoming progressively more severe across most markets.SydneyWeekly change: -0.34%. 4-week moving average: broadly stable at -0.36%. Price: $1.191 million, down about $4,040 in the week. 2026 cumulative growth: -7.2%.Sydney has now recorded 16 consecutive weekly declines. Prices continue to fall substantially, but the four-week moving average has remained within a relatively narrow range since July, providing increasing evidence that the rate of decline may be stabilising. MelbourneWeekly change: -0.22%. 4-week moving average: broadly unchanged at -0.26%. Price: $773,900, down about $1,720 in the week. 2026 cumulative growth: -6.6%.Melbourne continues to provide one of the clearest examples of stabilisation in the rate of decline. Its moving average has improved substantially from around -0.37% in mid-July and has now remained close to -0.26% for several weeks.BrisbaneWeekly change: -0.15%. 4-week moving average: -0.25% to -0.28%. Price: $1.063 million, down about $1,590 in the week. 2026 cumulative growth: +2.5%.Brisbane's latest decline was substantially smaller than the larger falls recorded during late August. The moving average remains under pressure because those weak observations are still within the four-week window, so further results are needed to determine whether the latest moderation is sustained.  AdelaideWeekly change: 0.00%. 4-week moving average: -0.22% to -0.19%. Price: approximately $930,700, unchanged in the week. 2026 cumulative growth: +3.1%.Adelaide recorded its first week without a price decline since early August. The zero-growth result has begun to improve the four-week moving average, but one observation is insufficient to establish that the correction has stabilised.  PerthWeekly change: -0.13%. 4-week moving average: broadly flat at -0.22%. Price: $978,400, down about $1,310 in the week. 2026 cumulative growth: +4.0%.Perth has now recorded eight consecutive weekly declines, but its moving average has shown little meaningful change over recent weeks. The correction remains established, although the underlying rate of decline is currently relatively stable rather than becoming progressively more severe.  What to Watch NextWhether Sydney's moving average continues to remain within its recent range around -0.35%.Whether Melbourne remains near -0.26%, reinforcing the evidence that its rate of decline has stabilised.Whether Brisbane's smaller weekly decline and Adelaide's zero-growth result are followed by further moderation.Whether Perth's broadly flat moving average persists despite the continuing sequence of weekly price declines.