The Property Planner’s Monthly Market Update: April 2026
- Property Planning Australia
- May 11
- 4 min read
Welcome to the Property Planner’s Monthly Market Update, your comprehensive resource for the latest insights and trends in the real estate and economic landscape!
Stay informed and ahead of the curve with our expert analysis, helping you make well-informed decisions in the ever-evolving property market.
April Saw Mixed Results
Sydney and Melbourne both went backwards by around 0.6% for the month, while several other capitals kept pushing ahead.
Perth recorded 2.1% monthly growth, Darwin 1.3%, Brisbane 1.2% and Adelaide 1.1%.
Some markets are still running hot, while others are clearly feeling the chill.
But this is all pre-Budget fallout. The next few months could tell a very different story for the mid-tier cities!
Perth Is Still the Standout Performer
Perth continued to deliver eye-catching numbers, with monthly growth of 2.1% and annual growth of around 26%.
Brisbane was also strong at 19.7% annual growth, with Darwin close behind at 19.6%.
These are big numbers!
The kind that make people sit up, squint at the chart and ask whether the market has had too much caffeine.
But that strong recent growth is about to face a serious test: rising rates, hotter inflation and the May Budget landing on top.
Mid-Size Capitals Have Delivered Over the Long Term
When looking over 10 years, Brisbane, Adelaide and Perth have all delivered serious growth.
Brisbane was up close to 120%, Adelaide around 111% and Perth around 107%.
That longer-term lens matters, showing these markets have not just had one lucky month.
They have materially reshaped the national property scoreboard over the last decade.
Darwin, on the other hand, has been one of the stronger recent performers, with annual growth of around 19.6%.
But the longer-term numbers tell a more complicated story.
Over five years, Darwin was up around 33%, while over 10 years it was up only 27.2%.
The lesson is simple: a market can look very exciting in the short term, but the long-term history still matters.
Interestingly, Melbourne led the way in the prior decade.
Market cycles can run over a long period of time.
Regional Markets Are Still Showing Strength
The combined regions grew by 0.9% for the month, compared with combined capital city growth of 0.2%.
That is a meaningful gap.
Regional markets have benefited from affordability, lifestyle shifts and flexible work trends.
However, some regional areas have also seen strong investor activity, so any shift in investor appetite following the budget could change the momentum in locations where interstate buyers' agents have feasted and competed with each other.
Investor-Led Growth Markets Could Become More Uneven
A key concern is the role of investors in lower-priced established house markets.
Particularly in fringe areas, lower socioeconomic areas and some regional locations.
These markets have seen strong investor demand in recent years.
The lowest quartile has been the strongest-performing segment across each capital city, with affordability-focused buyers and investors chasing the lower entry points.
Now the question is whether that trend continues.
The concern is that if investors pull back, the demand that helped push prices up could weaken quickly.
That does not mean every affordable market is suddenly in trouble.
But it does mean buyers need to understand what has been driving growth.
If a market has been heavily fuelled by investors, it may behave differently if that fuel dries up.
It could leave some first home buyers, who only entered the market with government support, exposed to negative equity if prices fall in the wake of the proposed post-Budget tax changes.
Rents Are Still Under Pressure
Vacancy rates remain the lowest on record at around 1.5%.
For context, the previous decade averaged around 2.5%, and the decade before that was closer to 3.5%.
In other words, we have progressively less spare housing for people to live in.
So, it’s no surprise rents are still rising and at their fastest pace in a couple of years.
National rents are 5.7% higher over the last year, which adds approximately $38 per week to the national median rent.
That’s not pocket change.
For renters, it’s another hit to the weekly budget.
For investors, it shows rental returns remain strong and we expect them to keep rising at a rapid rate.
It also highlights how little wriggle room there is for any policy change that affects rental supply.
Yes, Budget, we’re looking at you.
New Listings Fell in All Markets
Sydney has taken the biggest hit with listings down around 22% for the month, while Melbourne and Canberra were both down around 13%.
However, April included Easter and Anzac Day, which can distort listing activity.
The more useful test will be the next few months, particularly as the market digests proposed budget changes and their potential impact on investor behaviour.
Consumer Sentiment Takes a Hit
The “time to buy a dwelling” measure weakened sharply, down 16.1% for the month and down 20% annually.
The May index reading of 72 marks an 18-month low.
Higher interest rates, inflation pressure, global uncertainty and policy changes all appear to be weighing on sentiment.
When buyers lose confidence, they often pause, negotiate harder or reassess their plans.
That can change the pace of a market very quickly.
Interest Rates Remain One of the Biggest Swing Factors
Interest rates continue to shape almost everything: borrowing capacity, investor cash flow, repayment comfort and buyer confidence.
For buyers and borrowers, that means strategy matters.
Buffers, structure and borrowing comfort are just as important as the property itself.
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Reach Out to Us
If you would like to discuss your next steps, property plans, and mortgage strategy, get in touch with us today. Our team of experts is here to guide you through the complexities of the market and help you achieve your property goals.