NAB Housing Monitor - November 2026

11 November 2026
Housing  Economy and Markets

• Dwelling prices across the combined capitals declined for a seventh consecutive month, falling 1.4% mom in October to be 8.1% below their March 2026 peak. We expect dwelling prices to decline around 14% peak-to-trough (prev. 11%), with a floor in house prices likely in Q2 2027.
• After downward revisions to recent months, Brisbane and Perth are now leading price falls. In October, prices were down 2.0% and 1.7% mom, respectively, to be more than 8% below recent peaks. The pace of price falls has slowed in Melbourne (-0.8% mom). Melbourne prices are 7.8% below their peak, while Sydney prices are 10.1% lower.
• New housing loan commitment values declined 16% qoq in Q3, led by a sharp 32% fall in investor lending, while owner-occupier lending declined by 5%. The fall in loan commitments was concentrated in June and July, although they did continue to trend lower through Q3.
• House building material costs rose 1.0% qoq in Q3 to be 3.9% higher over the year amid rising raw materials, freight and fuel costs. That said, inflation for newly completed dwellings slowed in recent months amid cooling demand.
• Median days on market has continued to rise nationally. As with prices, that trend is showing signs of slowing in Melbourne over the past couple of months. Median days on market has approximately tripled in Brisbane and Perth, from historically low levels at the start of the year.
• Dwelling approvals have been resilient to the broader shift in the housing market, although the uptrend in detached house approvals has stalled.
• The rental vacancy rate remains low but has trended higher alongside cyclical cooling in the economy, most notably in WA, SA and NSW. Advertised rents growth has slowed, led by NSW and VIC.

Read the Housing Monitor Report - November 2026