NAB Housing Monitor October 2026 - NAB

7 October 2026
Housing 

Key points

  • Dwelling prices across the combined capitals fell by 1.2% mom in September, marking the sixth consecutive monthly decline. Prices are now 6.4% below their March 2026 peak.
  • Sydney and Melbourne have recorded the largest peak-to-trough declines, at 8.6% and 7.2%, respectively. The pace of falls in Sydney prices has sustained, down another 1.4% mom in September, while the pace has moderated in Melbourne (-0.7% mom).
  • The downturn has broadened. Unit prices were 0.8% lower in September, and dwelling prices in the previously resilient mid-sized capitals each fell 1-1.5% in September. Brisbane prices are now 5.4% below their recent peak, Perth prices are 6.0% lower, and Adelaide 2.9% lower.
  • Given the sharper slowdown across the mid-sized capitals, we have lowered our house price forecasts. We now expect prices across the eight capital cities to fall 8% over 2026 (prev. -6%), and a peak-to-trough decline to 11%.
  • Housing sale volumes have slowed and the median days on market has risen to 41, the highest level since late 2020.
  • Detached house approvals continued to trend higher in August and are 18% higher over the year. Higher-density approvals fell in August but are volatile and in trend terms have been broadly steady over the past year.
  • Dwelling starts have picked up since late 2023, led by apartments, and are still running ahead of completions. The stock under construction remains elevated at around 250k, about 40% above the 2010-2019 average.
  • The rental vacancy rate continues to edge higher (particularly in WA) and while advertised rents growth remains elevated, the pace of growth has moderated to a 6m-annualised rate of 5.0%, led by Sydney.

Read the full NAB Housing Monitor September report 2026. (PDF, 7MB) 

Related Articles

NAB RBA Watch: RBA hikes by 25bps as expected

Economy and Markets

In a unanimous decision, the RBA increased the cash rate by 25bps as expected by markets and the consensus of economists alike

30 September 2026 | 2 min read

Fear & Greed Q+A The Week Ahead with NAB: Sally Auld shares key economic themes to watch in a new weekly podcast segment

Economy and Markets

NAB Chief Economist Sally Auld this morning joined the first episode of The Week Ahead with NAB, a new weekly segment on the Fear & Greed Q&A podcast that explores the economic events, data releases and market developments shaping the week ahead.

28 September 2026 | 2 min read

Stress rises, consumers adapt – NAB Consumer Sentiment Survey Q3 2026

Economy and Markets

Cost-of-living stress hits a 12-year high as households switch, cut back and reshape spending.

25 September 2026 | 2 min read

Contact us

Media Enquiries

For all media enquiries, please contact the NAB Media Line on +61 3 7035 5015