Australia’s housing market delivered another month of contrasts in April, with overall stock on market steady even as new listings eased and older properties accumulated.
SQM Research reported total national residential listings at 234,469 dwellings in April, effectively unchanged on the month (-0.1%) but 3.3% lower than a year earlier, pointing to continued, if moderating, supply constraints.
New listings fell 6.8% over the month to 73,588 dwellings after March’s lift, although they remain 11.1% higher year-on-year, indicating vendor activity is still ahead of 2025 levels.
At the same time, older listings (on the market for longer) rose 3.6% nationally to 66,819, with Sydney, Melbourne, and Brisbane all posting increases, suggesting some stock is taking longer to clear. Perth was an exception, with old listings down 4%, consistent with the city’s still-tight conditions despite a recent rise in total stock.
“April’s figures highlight an uncertain market and one that was impacted by the seasonal public holidays,” managing director Louis Christopher (pictured) said in a media release. “We are seeing some pullback in new listings alongside a rise in older stock, which suggests vendor uncertainty and cautious buyers.”
Distressed listings edged 4.2% higher in April to 3,659 properties but remain 23.7% below a year earlier, indicating that, overall, financial stress and forced sales are still contained. Tasmania was the only state to record a notable monthly decline in distressed stock, while the ACT was flat but remains elevated on an annual basis.
SQM’s Weekly Asking Prices Index for the week ending 27 April showed national asking prices easing slightly, with houses down 0.3%, units up 0.3% and combined dwellings slipping 0.2%.
Even so, national asking prices are still 11.5% higher than a year ago, underlining the extent of gains since 2025. Perth and Adelaide recorded monthly increases in combined asking prices, while Sydney, Brisbane, and Canberra weakened.
Separate figures from the PropTrack Home Price Index show national home prices fell 0.1% in April – the first monthly decline of 2026 – taking the median home value to $910,000, with capital city prices down 0.2% but still 7.7% higher year-on-year.
In his outlook, Christopher said today’s “RBA meeting is going to be crucial for market momentum over the winter months,” warning that if the central bank flags further hikes “we can expect a sustained downturn in listings activity for the remainder of the year.”
With total listings broadly flat, distressed sales low, and asking prices still well above last year’s levels, Christopher said Perth remains “a key market to watch”, noting that while listings there have risen for two consecutive months, supply is “still well below last year’s levels.”
Recent ABS data showing a plunge in building approvals points to a thinner pipeline of new dwellings, adding to longer‑term supply pressures.
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