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Sydney home values fall 4.9% in Q3, now 8.6% below February peak
Cotality's October 2026 Housing Chart Pack (published October 15): Sydney dwelling values fell another 4.9% in the September quarter, leaving the market 8.6% below its February peak — about A$112,000 off the median. Sales volumes collapsed 26.5% year-on-year, and the median selling time stretched from 23 to 39 days.
Why it matters
Sydney's housing correction is accelerating. Property data firm Cotality's October 2026 Housing Chart Pack, published on October 15, shows Sydney dwelling values fell a further 4.9% in the September quarter — with a 1.4% drop in September alone — leaving the market 8.6% below the record high set in February. The median homeowner has lost roughly A$112,000 on paper. 9News Sydney's bulletin on Wednesday described the market as having fallen to a four-year low, with buyers and sellers alike "feeling price pain."
Full report
What stands out is not just the size of the fall but the structural shift: early in this downturn Sydney was a tale of two markets, with the premium end collapsing while cheaper stock held firm. In the September quarter the upper quartile fell 5.9% against 5.3% in the lower quartile — the gap has nearly closed, signalling affordability pressure has saturated every price point and there is no segment left where displaced demand can go.
The collapse in transactions is sharper than the price falls: Sydney sales volumes over the past three months were 26.5% below a year earlier, homes now take a median of 39 days to sell (up from 23 a year ago), and advertised stock is 11.5% higher than a year ago — not because more vendors are listing, but because properties are sitting unsold. REA Group, owner of realestate.com.au, told shareholders at its annual meeting that listings in Sydney and Melbourne were 16% lower in the September quarter, with chief executive Cameron McIntyre saying interest rates are the biggest source of uncertainty and further price falls are likely in coming months.
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