PropTrack House Price Index – February 2026 – realestate.com.au

National home price growth picked up in February, in line with the seasonal increase in housing market activity after the holidays.

Key findings:

• National home prices rose 0.5% in February, bringing the national median home value to $897,000. Prices are now 9.1% higher than a year ago, adding about $90,000 to the value of the average home.
• Prices in the capital rose by 0.5% in February, pushing the average home value in the capitals above $1,000,000 for the first time.
• Hobart was the best performing capital in February (+1.0%), followed by Brisbane (+0.7%) and Adelaide (+0.7%).
• Perth has historically been the fastest growing capital (+19.5%), followed by Darwin (+16.2%), Brisbane (+15.9%) and Adelaide (+14.8%).
• In the capitals, annual growth of houses and units remains similar. However, momentum is shifting, with units surpassing houses last quarter. This suggests that demand may be shifting to more affordable stocks as borrowing capacity remains limited.
• Regional prices rose 0.6% in February and were up 10.5% year-on-year. Regional growth has outpaced capital cities in the past year (10.5% versus 8.6%) and five years (59% versus 41%), supported by relative affordability and lifestyle appeal.

Prices rose in every capital, while national values ​​are now 9.1% higher than a year ago. The national increase marks the fastest annual growth rate since June 2022.

The strongest conditions remain concentrated in markets where buyer demand is facing tight supply, particularly Perth, Darwin, Brisbane and Adelaide.

Notably, Hobart has accelerated again, posting its strongest monthly gains in February, with its overall share price down around 30% over the past year.

In each of these capitals, except Hobart, unit growth is outperforming housing on both a quarterly and annual basis as buyers focus on more viable options.

The Reserve Bank’s rate hike in February will weigh on borrowing capacity at the margin, but tight labor market conditions, population inflows, investor activity and the expanded Home Guarantee Scheme have strengthened demand, with the limited supply of new homes providing a floor to prices.

These factors point to further price increases, although the period ahead is likely to see slower and more uneven growth as affordability constraints and future interest rate increases slow growth in 2026.