A third rate move, and what it means for repayments
The RBA has raised twice in 2026, and a third move is expected. This edition covers what that means for variable rate borrowers, where property markets sit across the seven capitals, and why properties are actually selling faster than they were a year ago.
Rates
The RBA has raised the cash rate twice in 2026, from 3.60% to 4.10%. Major banks are forecasting a further 25 basis point increase at this week's meeting, which would take the rate to 4.35%.
For variable rate borrowers, each 25bp move adds approximately $62 per month on a $500,000 loan balance. Across three moves, that is around $186 extra per month compared to the start of the year. For anyone who has not reviewed their rate recently, the gap between what they are paying and what is currently available in the market may be wider than expected.
Rate uncertainty tends to slow buyer activity broadly. When that happens, competition in certain segments eases, and vendors who were holding firm six months ago become more willing to negotiate. We are having more conversations with people working through whether now is the right time to move, rather than waiting for the picture to clear. Whether that applies to your situation depends on the numbers, and we are happy to work through them with you.
Market snapshot
Your property value determines your equity position, your LVR, and what lending options are available to you.
| City | Auctions | Clearance | Monthly change | Median |
|---|---|---|---|---|
| Melbourne | 242 | 62.5% | +0.2% | $859K |
| Sydney | 257 | 59.1% | +0.2% | $1,251K |
| Brisbane | 87 | 52.7% | +0.7% | $1,071K |
| Perth | 7 | 33.3%* | +0.5% | $1,012K |
| Adelaide | 135 | 69.4% | +0.4% | $937K |
| Canberra | 29 | 50.0% | +0.2% | $880K |
| Hobart | n/a | n/a | +0.1% | $722K |
Sources: Cotality (w/e 26 Apr 2026), PropTrack Home Price Index (Mar 2026). Auction results are preliminary. Monthly % and median from PropTrack. *Perth fewer than 10 auctions - clearance rate indicative only.
Monthly dwelling price change - March 2026
Source: PropTrack Home Price Index, March 2026. Monthly change, all dwellings.
Melbourne's clearance rate held at 62.5% across 242 auctions in the week ending 26 April, consistent with the mid-60s range seen over the past few months. Adelaide continues to run the strongest clearance rate nationally at 69.4%. Brisbane, Perth, and Adelaide are each recording meaningful monthly price growth, while Sydney and Melbourne are moving more modestly. The headline variation between cities matters for anyone thinking about refinancing based on current property value, or buying in a market where the trajectory looks different to the national aggregate.
Time on market
Median days on market, March 2026 versus March 2025. Shorter times signal buyers are still moving with conviction despite the rate environment.
| City | Mar 2026 | Mar 2025 | Change |
|---|---|---|---|
| Sydney | 33 | 34 | -1 day |
| Melbourne | 35 | 39 | -4 days |
| Brisbane | 19 | 21 | -2 days |
| Perth | 9 | 15 | -6 days |
| Adelaide | 32 | 36 | -4 days |
| Canberra | 43 | 56 | -13 days |
| Hobart | 29 | 31 | -2 days |
Source: Cotality Monthly Housing Chart Pack, April 2026 (data to March 2026). Median days on market, all dwellings.
Properties are selling faster across every capital city compared to a year ago. Perth is the most striking at 9 days, down from 15. Canberra has improved the most in absolute terms, dropping 13 days. Even Melbourne, where the headline price numbers have been more modest, is moving faster than it was 12 months back. Faster time on market in a rising-rate environment suggests buyer conviction has not dropped off as much as sentiment surveys might imply.
From the blog
Migration and building approvals: where supply is not keeping pace
Building approvals jumped sharply in early 2026, but the headline number tells a partial story. Almost all of the increase came from high-density and other dwellings. Detached housing approvals were essentially flat. The cities attracting the strongest population inflows are not necessarily the ones where approvals are rising to match. For buyers trying to understand what the supply pipeline actually means for their segment, the aggregate data is less useful than it looks.
Reviewing your home loan?
We do free reviews. If you would like to understand what this rate environment means for your situation, whether your current loan is still competitive, or what your options look like for buying or refinancing, reach out directly.