Tracking the housing market is anything but straightforward — and calling the next move is tougher still.

Each month, independent valuer Herron Todd White maps Australia’s 50 biggest markets on its Property Clock, showing who’s rising, peaking, cooling or bottoming out in the cycle.  

So where does your market sit right now? Dive into their latest Property Clock to see what the next few months could hold.

Markets on the rise

Interest rates have steadied after a run of increases through the first half of the year, with the Reserve Bank leaving the cash rate on hold in June and again in August.

Conditions still look very different from one part of the country to the next, and the majority of markets remain in the rising half of the clock.

Bathurst, the NSW Central Coast and Geelong are all placed at the start of a fresh upswing on the house clock.

On the unit clock, they're joined by Canberra, Newcastle and Melbourne, which HTW still sees as being early in a recovery.

The rising segment remains the biggest group of all, taking in Adelaide, Darwin and Hobart along with Newcastle and the Illawarra.

They're joined by a long list of regional performers, with Queensland particularly well represented through the Gold Coast, Cairns, Rockhampton and Mackay, plus Albury and Wodonga on the southern border.

Coffs Harbour houses also sit in this group, though its unit market has stepped up towards the peak since our last update.

Markets at or approaching their peak

The busiest movement since we last looked has been at the top of the clock.

Brisbane has climbed into the peak of market group for houses, having been a rising market in our previous update, while Brisbane units sit one step behind and are now approaching their peak.

Perth and Townsville houses have both moved up into the approaching-peak group, and Canberra houses have made the same shift.

They join Gladstone, Mildura, Shepparton, the Sunshine Coast, Tamworth and Whitsunday, with Coffs Harbour and Ipswich added to that group on the unit clock.

At the very peak, Bundaberg, Mount Gambier and Toowoomba are now joined by Ipswich and Lismore, with Dubbo also at the top for houses and Burnie/Devonport for units.

Markets declining or at the bottom

The right-hand side of the clock has more on it than it did several months ago.

Sydney and Melbourne houses are both now placed in the declining segment, the first time in our recent updates that any market has been listed there.

Sydney units sit a step behind at the beginning of a downswing, while Melbourne units are unchanged and remain at the start of a recovery.

It's worth remembering what the clock is and isn't. It's a valuer's read on where a market sits in its broader cycle rather than a record of what prices did last month, and one position on a diagram can't capture the range of conditions across a city of five million people.

Alice Springs, Burnie/Devonport and Launceston houses are again listed as starting to decline, with Bathurst in that group on the unit clock. Fraser Coast units have shifted into the declining segment.

Port Macquarie on the NSW mid-North Coast is once more the only market considered to be nearing its lowest point.

Ballina/Byron Bay and the Southern Highlands are the sole markets still sitting firmly at the bottom on both clocks.

A different perspective from Domain

Domain's latest Housing Market Forecast report takes a different cut at the same question, sorting the capitals into those it expects to fall and those it expects to keep growing.

Domain places Sydney, Melbourne and Canberra in the falling group, pointing to rate sensitivity, investors stepping back and rising supply.

Brisbane, Adelaide and Perth are expected to keep growing, though at a slower pace, supported by supply shortfalls and tight rental markets.

The two views agree on Sydney and Melbourne, but part ways on Canberra, which HTW has just moved up towards its peak.

Domain also expects units to outperform houses across Sydney, Brisbane and Perth, which is a useful reminder that the house and unit clocks can tell quite different stories about the same city.

Thinking of selling?

If you're looking to get in on the action in 2026, it's important to be as prepared as possible in order to cut through the competition and achieve a standout result. 

Step 1: Understanding how your market is performing

Every market is different, and understanding your local market is fundamental to making the right selling decisions. Our guide to tracking market trends and data will help you to get a clear picture of how your market is performing and how that impacts you as a seller. 

Step 2: Know what your property might be worth

Getting a free home value estimate is a great way to set a foundation for your selling expectations and begin planning the path forward.

Step 3: Get a no-obligation market appraisal from a top real estate agent

Understand what your property could sell for in the current market by speaking to the top-performing agents in your suburb. Comparing top agents in your area will help you find the perfect partner for your selling journey and move towards a successful result.

Step 4: Finally, get your property listing ready

Taking a thorough approach to preparing your home for sale is another critical step. From cleaning, decluttering, painting and performing other cosmetic renovations to home staging, photography and marketing, getting your property to sale-ready condition is a must.