June Home Values: A Tale of Two (Types of) Cities.

National Home Values have flattened for the first time since 2025, with a reported 0% increase in median home values across combined capital cities. Larger cities of Melbourne and Sydney led the downturn with decreases in property values of 0.9% and 0.8% respectively, while mid-sised cities like Brisbane and Perth continue to grow, albeit at a slower rate than we’ve seen in recent years.

What is the Home Value Index (HVI)?

The Home Value Index (HVI)^[1], leverages recent property sales from each state to track the median value growth of homes nationwide. It serves as a key metric for analysing the performance of the Australian residential property market and is useful when looking at the affordability and investment potential of states and capital cities.

Source: Cotality HVI Report May 2026

State Market Report.

These median values are as of 1st of June 2026

Sydney

The median home value decreased by 0.9% to $1,282,020.

Melbourne

The median home value decreased by 0.8% to $812,621.

Brisbane

The median home value has increased 0.9% to $1,126,149.

Adelaide

The median home value has increased 0.5%. The median home value is now $950,703.

Perth

The median home value has increased 1.5%. Perth’s median home value is now $1,050,354.

Hobart

The median home value increased 0.9% , and is now $752,398.

Darwin

The median home value has increased 1.5% and is now $634,368.

Canberra

The median home value has dipped slightly by 0.2%. Canberra’s median home value is currently $890,555.

Melbourne Sydney & Canberra Report Drops in Value. 

Melbourne and Sydney continue to decrease in median home values, joined now by Canberra. These markets may are being impacted by rising interest rates and a slowdown in buyer demand, as home buyers appear to go into hibernation for winter. Home sales nationally are 2.2% lower when compared to this time last year [1].

Growth Slows in Other Cities. 

Perth recorded a 1.5% increase in median home values this month, and while this seems high, it’s a slow down from the growth we’ve seen in recent months, as market conditions seem to b catching up to Australia’s fastest growing capital city. Brisbane, Adelaide and Hobart increased in value by less than 1% each. Darwin, that managed to match Perth’s 1.5% increase. This is roughly half the growth we saw in these cities this time last year.

According to Cotality research director Tim Lawless, a loss in momentum has been slowly mounting across the last couple of months. While growth has stayed strong, it did peak in Spring last year, and has ridden the wave for the last 12 months. With rate increases, shifts in investor benefits and financial uncertainty nationwide, the property market is starting to reflect current conditions.

What Does This Mean? 

As the national market begins to stall, losses in larger cities and a slowdown in mid to smaller cities are key factors to the flatlining of national home values.

For home buyers, property prices and competition may be easing slightly, as even more affordable markets are seeing an easing of growth, particularly in Melbourne, Sydney and Canberra.

Another key factor in lower market activity is a drop in buyer confidence. Whether you’re planning to buy, invest or refinance, changes in the market can be a sign to explore options, not step away entirely.

Reaching out to your local MoneyQuest broker can give you a broader idea of what’s available to you, and where there may be opportunity. Reach out to us today.

[1]Cotality.com. (2026). National values flatline. [online] Available at: https://www.cotality.com/au/insights/articles/home-value-growth-eases-nationwide-led-by-declines-in-sydney-and-melbourne [Accessed 2nd June 2026].

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