Mixed Results Across Capital Cities, as Rate Rise Looms

Melbourne and Sydney show signs that their rate of decline is easing, while Brisbane, Adelaide and Perth weakened in the latest week.Four-week moving averages are now Sydney -0.31%, Melbourne -0.23%, Brisbane -0.30%, Adelaide -0.23% and Perth -0.24%.Brisbane and Adelaide recorded their largest weekly price declines of 2026, while Perth returned to a larger weekly fall.Melbourne provides the clearest evidence of sustained moderation; Sydney is improving, while Brisbane, Adelaide and Perth remain weaker.The latest results provide little evidence of a broad-based moderation in the housing correction, with Melbourne currently the clearest exception.Big PictureThis week provides a more mixed and generally weaker picture of housing market momentum. Melbourne continues to show the clearest evidence that its rate of price decline is easing, while Sydney is also showing early signs of moderation. In contrast, Brisbane and Adelaide recorded their largest weekly declines of 2026, reversing the tentative improvements evident last week, while Perth weakened again following its improvement during August. Further interest-rate increases would add another risk to already weak buyer demand.SydneyWeekly change: -0.30%. 4-Week Moving Average: Improved to -0.31%. Price: $1.188 million, down about $3,580 in the week. 2026 Cumulative Growth: -7.5%.Sydney has now recorded 27 consecutive weekly declines. Prices continue to fall substantially, but the moving average has improved beyond the range that broadly characterised July to early September, providing early evidence that the rate of decline is beginning to ease.MelbourneWeekly change: -0.20%. 4-Week Moving Average: Improved to -0.23%. Price: $772,400, down about $1,540 in the week. 2026 Cumulative Growth: -6.8%.Melbourne provides the clearest evidence that the rate of decline is moderating. Its moving average has improved consistently from around -0.37% in mid-July to -0.23%, its strongest reading since early June.BrisbaneWeekly change: -0.43%. 4-Week Moving Average: Deteriorated to -0.30%. Price: $1.058 million, down about $4,530 in the week. 2026 Cumulative Growth: +2.1%.Brisbane recorded its largest weekly decline of 2026. Last week's much smaller fall now appears to have overstated any emerging improvement, although recent weekly results remain volatile. The deterioration in the moving average indicates that underlying price momentum remains weak.AdelaideWeekly change: -0.39%. 4-Week Moving Average: Deteriorated to -0.23%. Price: Approximately $927,100, down about $3,650 in the week. 2026 Cumulative Growth: +2.7%.Adelaide also recorded its largest weekly decline of 2026. Last week's flat result now appears to have been an unusually strong observation rather than the beginning of a sustained moderation in the correction.PerthWeekly change: -0.31%. 4-Week Moving Average: Deteriorated to -0.24%. Price: $975,400, down about $3,040 in the week. 2026 Cumulative Growth: +3.7%.Perth has now recorded 18 consecutive weekly declines. The moving average has weakened again after improving during August, suggesting that the earlier moderation has lost some momentum.What to Watch NextWhether Sydney's moving average continues to improve from its latest -0.31% reading.Whether Melbourne continues its sustained improvement from -0.37% in mid-July to -0.23%.Whether Brisbane and Adelaide's record weekly declines persist or prove unusually weak observations.Whether Perth's renewed deterioration in the moving average continues after the improvement recorded during August.