< img
src=” https://cdn.propertyupdate.com.au/wp-content/uploads/2025/08/ChatGPT-Image-Aug-6-2025-10_17_11-AM-1038×692.png “alt=”” > Key takeaways Total nationwide home listings rose 10.4% month-on-month in May to 258,803 houses. National listings are now 0.8% higher year-on-year, marking the first yearly increase in offered real estate stock in
over a year. New listings increased 5.0% nationally and are 12.0% higher than in May 2025. Old listings increased 10.5 %month-on-month, though they remain 10.8% below last year’s levels. Asking prices stalled nationally, but five of the 8 capital cities– including Sydney, Melbourne, Brisbane, Perth and Adelaide– tape-recorded monthly decreases.
SQM Research’s Weekly Asking Rates Index for the week ending 26 May 2026 showed prices stalling nationally, with the significant capital cities now in month-to-month decline.
Nationally, home asking rates were unchanged over the month, while unit asking prices increased 0.7%.
Integrated house asking prices increased a marginal 0.1%, leaving rates 10.4% higher year-on-year.
Nevertheless, that constant national reading was held up entirely by the three smallest capitals.
5 of the 8 capital cities– Sydney, Melbourne, Brisbane, Perth and Adelaide– taped month-to-month falls.
Sydney taped a small month-to-month decline in combined asking rates (-0.3%), though remains 5.6% greater year-on-year.
Melbourne also reduced modestly (-1.1% regular monthly) while preserving yearly development of 4.4%.
Brisbane (-1.0%) and Perth (-0.8%) taped minor month-to-month declines, though both markets continue to publish strong yearly development of 15.8% and 16.9% respectively.
Adelaide experienced a softer month, with combined asking rates down 1.7%, though worths remain 9.1% greater year-on-year.
Canberra was among the stronger entertainers, with combined asking costs increasing 1.4% over the month and 7.1% yearly.
Darwin taped a modest regular monthly increase in combined asking rates (+0.3%) and stays 10.0% higher year-on-year.
Hobart also posted a strong gain (+2.1% regular monthly) and remains 10.5% greater year-on-year.
< img src=" https://cdn.propertyupdate.com.au/wp-content/uploads/2023/09/surge.jpg" alt=" Rise" width=" 800" height=" 450"/ > Australia’s real estate market taped a considerable increase in available stock throughout Might, with total residential listings rising 10.4% to 258,803 residences.
The boost was broad-based throughout the majority of capital cities and pressed nationwide listings into favorable yearly territory for the very first time in many months.
Brisbane taped the greatest boost among the significant capitals, with listings increasing 18.5% month-on-month to 16,973 properties, although stock levels remain partially lower than a year ago (-1.1%).
Perth continued its recent rebound, with listings increasing a further 16.0% to 15,230 dwellings.
While Perth stays 9.8% listed below May 2025 levels, the city has now taped three successive months of considerable listing growth, signalling a meaningful reducing in what had actually been among the country’s tightest housing markets.
Sydney (+14.8%) and Melbourne (+10.7%) likewise published strong increases and are now 11.6% and 12.1% greater year-on-year respectively.
Adelaide (+14.1%) and Canberra (+12.1%) recorded substantial increases, while Darwin posted the biggest regular monthly rise nationally at 19.5%.
Hobart was the only capital to record a relatively subdued outcome, increasing just 1.0% over the month.
Overall Listings of Residence for Sale
| City | May 2026 Total | Apr 2026 Overall | May 2025 Total | Regular monthly change | Yearly Change % |
|---|---|---|---|---|---|
| Sydney | 39,167 | 34,118 | 35,111 | 14.8% | 11.6% |
| Melbourne | 46,928 | 42,389 | 41,862 | 10.7% | 12.1% |
| Brisbane | 16,973 | 14,326 | 17,166 | 18.5% | -1.1% |
| Perth | 15,230 | 13,133 | 16,883 | 16.0% | -9.8% |
| Adelaide | 9,458 | 8,287 | 9,072 | 14.1% | 4.3% |
| Canberra | 5,108 | 4,556 | 4,722 | 12.1% | 8.2% |
| Darwin | 918 | 768 | 1,135 | 19.5% | -19.1% |
| Hobart | 2,749 | 2,722 | 3,214 | 1.0% | -14.5% |
| National | 258,803 | 234,469 | 256,628 | 10.4% | 0.8% |
Source: SQM Research
New Listings
New listings rose 5.0% nationally in May to 77,270 dwellings, continuing the enhancement in fresh supply going into the market.
Sydney (+18.6%) and Melbourne (+14.3%) taped strong increases in newly marketed residential or commercial properties, while Brisbane (+12.4%) and Canberra (+11.4%) likewise published healthy gains.
Perth (+7.4%) and Adelaide (+4.8%) taped moderate boosts, while Darwin rose 23.6%, the strongest boost nationally.
Hobart was the only capital city to tape-record a noteworthy decline in brand-new listings (-21.6%), following elevated activity in previous months.
Nationally, brand-new listings are now 12.0% greater year-on-year, suggesting vendor activity continues to reinforce.
New Listings of properties for sale (less than thirty days)
| City | May 2026 Total | Apr 2026 Overall | May 2025 Total | Month-to-month modification | Yearly Change % |
|---|---|---|---|---|---|
| Sydney | 15,641 | 13,191 | 14,875 | 18.6% | 5.1% |
| Melbourne | 19,852 | 17,364 | 17,246 | 14.3% | 15.1% |
| Brisbane | 7,703 | 6,854 | 7,149 | 12.4% | 7.7% |
| Perth | 6,808 | 6,336 | 6,568 | 7.4% | 3.7% |
| Adelaide | 4,558 | 4,350 | 3,935 | 4.8% | 15.8% |
| Canberra | 2,061 | 1,850 | 1,657 | 11.4% | 24.4% |
| Darwin | 330 | 267 | 228 | 23.6% | 44.7% |
| Hobart | 595 | 759 | 520 | -21.6% | 14.4% |
| National | 77,270 | 73,588 | 69,021 | 5.0% | 12.0% |
Source: SQM Research study
Old Listings
Older stock increased 10.5% nationally to 73,820 residences, reflecting the significant rise in overall listings throughout May.
Sydney (+10.2%) and Melbourne (+9.0%) both taped significant boosts, while Brisbane (+8.1%) and Perth (+3.6%) also saw older stock rise.
Adelaide (+10.4%) and Canberra (+13.4%) published notable boosts, suggesting some accumulation of longer-dated listings as supply go back to the marketplace.
Darwin taped the largest increase in older listings (+31.7%), though remains 37.5% below levels tape-recorded a year back.
Hobart remained broadly stable (+0.6%), while national old listings remain 10.8% lower year-on-year.
| City | May-2026 | Apr 2026 | May 2025 | Monthly % change | Yearly Modification % |
|---|---|---|---|---|---|
| Sydney | 6,785 | 6,157 | 7,019 | 10.2% | -3.3% |
| Melbourne | 8,932 | 8,191 | 9,614 | 9.0% | -7.1% |
| Brisbane | 1,640 | 1,517 | 1,999 | 8.1% | -18.0% |
| Perth | 1,296 | 1,251 | 1,807 | 3.6% | -28.3% |
| Adelaide | 1,034 | 937 | 1,131 | 10.4% | -8.6% |
| Canberra | 838 | 739 | 980 | 13.4% | -14.5% |
| Darwin | 237 | 180 | 379 | 31.7% | -37.5% |
| Hobart | 932 | 926 | 1,345 | 0.6% | -30.7% |
| National | 73,820 | 66,819 | 82,786 | 10.5% | -10.8% |
Source: SQM Research
Distressed Listings
Distressed listings increased 5.1% nationally throughout May to 3,847 homes, though stay 16.2% below May 2025 levels.
Queensland (+8.9%), Western Australia (+9.1%) and South Australia (+9.0%) tape-recorded the strongest regular monthly boosts. New South Wales rose 3.2%, while Victoria was broadly steady (+0.4%).
The ACT recorded a more boost (+6.8%) and remains substantially raised compared to a year ago (+38.2% YoY).
While distressed listings stay listed below year-ago levels nationally, the sharp month-to-month increase– focused in the mining states and the ACT– bears close seeing. Year-on-year contrasts lag the cycle, and the month-to-month trend is now pointing greater.
Distressed Property Listings
< img src =" https://cdn.propertyupdate.com.au/wp-content/uploads/2026/06/Distressed-listings-May-2026.png" alt=" Distressed Listings Might
2026″ width =” 744″ height=”
605″/ > Source: SQM Research Asking Prices Sydney Weekly
Asking Costs Index Property type Rate($)
Weekly Change
Month-to-month Modification %
Annual % change
All Homes
2,129.194
0.445
-0.4%
4.6%
All Systems
931.204
-0.904
0.1%
9.7%
Integrated
1,639.424
-0.106
-0.3%
5.6%
Source: SQM Research
Melbourne Weekly Asking Prices Index
| Residential or commercial property type | Price ($) | Weekly Modification | Month-to-month Change % | Annual % modification |
|---|---|---|---|---|
| All Homes | 1,326.039 | -3.039 | -1.4% | 3.6% |
| All Systems | 685.058 | -0.058 | 0.3% | 8.3% |
| Combined | 1,123.081 | -2.095 | -1.1% | 4.4% |
Source: SQM Research
Perth Weekly Asking Rates Index
| Home type | Rate ($) | Weekly Modification | Regular monthly Change % | Yearly % change |
|---|---|---|---|---|
| All Houses | 1,306.870 | -5.373 | -1.1% | 15.5% |
| All Units | 806.083 | 2.437 | 0.6% | 24.4% |
| Integrated | 1,175.223 | -3.320 | -0.8% | 16.9% |
Source: SQM Research
Brisbane Weekly Asking Costs Index
| Property type | Price ($) | Weekly Modification | Monthly Change % | Yearly % modification |
|---|---|---|---|---|
| All Houses | 1,408,912 | -5.857 | -1.2% | 14.1% |
| All Units | 896.284 | 1.006 | 0.2% | 25.2% |
| Combined | 1,279.199 | -4.120 | -1.0% | 15.8% |
Source: SQM Research.
Adelaide Weekly Asking Costs Index
| Home type | Cost ($) | Weekly Modification | Regular monthly Change % | Yearly % change |
|---|---|---|---|---|
| All Houses | 1,125.280 | -8.391 | -2.2% | 8.7% |
| All Systems | 620.561 | -2.761 | 2.2% | 12.5% |
| Combined | 1,034.299 | -7.376 | -1.7% | 9.1% |
Source: SQM Research Study
Canberra Weekly Asking Costs Index
| Property type | Cost ($) | Weekly Change | Regular monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 1,260.166 | 15.334 | 1.5% | 9.4% |
| All Systems | 607.397 | -0.022 | 1.3% | 1.8% |
| Integrated | 1,012.197 | 9.501 | 1.4% | 7.1% |
Source: SQM Research Study
Darwin Weekly Asking Costs Index
| Home type | Rate ($) | Weekly Modification | Regular monthly Modification % | Annual % modification |
|---|---|---|---|---|
| All Homes | 845.396 | 0.604 | 2.3% | 8.4% |
| All Units | 466.832 | -7.082 | -4.7% | 14.9% |
| Combined | 696.466 | -2.420 | 0.3% | 10.0% |
Source: SQM Research
Hobart Weekly Asking Prices Index
| Property type | Cost ($) | Weekly Modification | Month-to-month Modification % | Yearly % modification |
|---|---|---|---|---|
| All Houses | 938.091 | 10.448 | 2.2% | 11.1% |
| All Systems | 593.213 | 4.087 | 0.7% | 5.6% |
| Combined | 877.009 | 9.474 | 2.1% | 10.5% |
Source: SQM Research Study
National Weekly Asking Rates Index
| Residential or commercial property type | Rate ($) | Weekly Modification | Monthly Change % | Yearly % change |
|---|---|---|---|---|
| All Houses | 1,087.874 | 1.111 | 0.0% | 10.0% |
| All Systems | 660.649 | 0.078 | 0.7% | 13.2% |
| Integrated | 994.869 | 0.886 | 0.1% | 10.4% |
Source: SQM Research
Capital City Average Weekly Asking Rates Index
| Property type | Rate ($) | Weekly Change | Regular monthly Modification % | Yearly % modification |
|---|---|---|---|---|
| All Houses | 1,564.034 | 0.020 | -0.6% | 6.8% |
| All Systems | 819.068 | -1.931 | 0.3% | 11.9% |
| Combined | 1,340.650 | -0.565 | -0.5% | 7.5% |
Source: SQM Research
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Trust our unequaled and proven experience. DISCOVER MORE Final note … May’s data indicate a market that is losing momentum. National listings taped their greatest month-to-month rise in a long time and have actually returned into positive yearly territory for the first time in over a year.
When supply returns this rapidly while rates stall, it is normally an early indication that the market is at turning point, bearing in mind April taped a seasonally low level of listings.
The flat nationwide rate reading masks what is in fact taking place throughout the significant capitals.
Sydney, Melbourne, Brisbane, Perth and Adelaide all recorded month-to-month falls in combined asking costs.
The only markets still rising are the 3 tiniest– Canberra, Darwin and Hobart.
With 5 of the eight capitals now decreasing month-on-month, the moderation we flagged previously this year is broadening.
Distressed listings leapt 5.1% over the month, led by Western Australia, South Australia and Queensland, all up around 9%.
The annual figure is still negative, but year-on-year comparisons lag– the regular monthly trend is what matters here, and it is rising.
The ACT is currently 38% above where it was a year ago. We are viewing this closely as an early indicator of home mortgage tension.
This follows the more mindful view we have held since March.
With inflation sticky and rate relief pressed even more out, the bigger capitals– Sydney and Melbourne in particular– remain the most exposed.
The balance of danger has plainly shifted to the downside, and the next few months will verify whether May was the inflection point.
About Louis Christopher Louis is identified as one of Australia’s most appreciated and unbiased research residential or commercial property expert. He has comprehensive understanding and experience of home and is frequently priced estimate in the media on his insights and is director of SQM Research.Visit www.SQMResearch.com.au