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July sales activity continued a multi-month decline, with the 12-month rolling average falling to 31,955 house and 12,994 unit sales, down from March peaks. Monthly July sales modestly recovered from June lows to 29,191 houses and 11,271 units, but remain down roughly 19% and 23% year-on-year. Driven by three rate hikes, tax policy uncertainty, and record-low open home attendance, this four-month drop reflects a sustained market slowdown rather than a seasonal pause.

Australia’s housing downturn broadened in July as national dwelling values dropped 0.7% monthly and 1.9% quarterly. House prices fell faster than units, bringing median values to $1.01 million for houses and $750,000 for units. While sales volumes remain historically strong, higher interest rates, mortgage stress, and budget uncertainty have weakened buyer confidence and lengthened selling times. However, sharp price drops remain limited because high post-2019 construction costs prevent existing home prices from falling significantly below new build cos

In July, premium markets led a widespread housing correction across Australian capitals, pushing the combined capital median down 1.0% monthly to $1.15 million (though still up 4.2% annually). Sydney and Melbourne prolonged their decline, dropping 1.2% and 1.4% monthly (down to $1.64m and $940k), while former strong performer Brisbane also dropped 1.3%. Monthly losses hit Adelaide (-0.9%), Canberra (down 0.5% annually), and even leading annual growth markets Perth (+10.2% YoY) and Darwin (+13.1% YoY), showing that momentum is slowing nationwide.

 

Average West End Sale Prices August 2026

1 bed apartment $749,000 up 26.4% yoy (Low $605,000 High $840,000)
2 bed apartment $975,000 up 14.0% yoy (Low $800,000 High $1,630,000)
3 bed apartment $1,617,000 down 1.1% yoy (Low $1,320,000 High $2,850,000)
House $2,250,000 up 25.4% yoy

REA Stats 04/09/2026