PropTrack Home Price Index - February 2026

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

Key findings:

• National home prices increased 0.5% in February, taking the national median home value to $897,000. Prices are now 9.1% higher than a year ago, adding around $90,000 to the value of the median home.
• Capital city prices rose 0.5% in February, lifting the median home value in the capitals over $1,000,000 for the first time.
• Hobart was the strongest performing capital in February (+1.0%), followed by Brisbane (+0.7%) and Adelaide (+0.7%).
• Perth was the fastest growing capital in the past (+19.5%), followed by Darwin (+16.2%), Brisbane (+15.9%) and Adelaide (+14.8%).
• Across the capital cities, annual growth for houses and units remains similar. However, momentum is shifting, with units outpacing houses over the past quarter. This suggests demand may be shifting toward more affordable stock as borrowing capacity remains constrained.
• Regional prices climbed 0.6% in February and were up 10.5% year-on-year. Regional growth has outpaced the capitals over the past year (10.5% vs 8.6%) and five years (59% vs 41%), supported by relative affordability and lifestyle appeal.

Prices lifted across every capital city, while nationally values are now 9.1% higher than a year ago. The national increase marks the fastest annual pace of growth since June 2022.

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

Notably, Hobart has reaccelerated, recording the strongest monthly gain in February with total stock on market down about 30% over the past year.

In each of these capitals, except Hobart, unit growth is outperforming houses both quarterly and annually as buyers pivot toward more attainable options.

The Reserve Bank’s February rate rise will weigh on borrowing capacity at the margin, but tight labour market conditions, population inflows, investor activity and the expanded Home Guarantee Scheme have reinforced demand, with limited new housing supply providing a floor under prices.

These factors point to further price gains, though the period ahead is likely to see slower and more uneven growth as affordability constraints and future rate rises slow growth throughout 2026.