Homes now take 41 days to sell as Cotality finds September sales down 20.9 per cent

Agents are working harder for fewer sales, with Cotality estimating 39,747 homes sold nationally in September, down 20.9 per cent on the same month last year, while the median time to sell a property stretched to 41 days from 26 days a year earlier.

The figures, in Cotality's October Monthly Housing Chart Pack published on 15 October, show buyers holding back even as spring stock builds.

Stock is building, fresh listings are not

Total advertised listings rose 19.1 per cent on a year earlier to 145,573, and sit 2.7 per cent above the five-year average. Advertised stock has risen 60.4 per cent over the year in Brisbane and 64.7 per cent in Perth.

New listings, however, were 7.9 per cent below a year earlier and 11.9 per cent below the five-year average, with about 36,440 homes listed in the four weeks to 11 October.

Across the combined capitals the median time on market reached 39 days, up from 23. Brisbane moved from 17 to 38 days and Perth from 11 to 26 days. Perth remains the fastest capital at 26 days, while Canberra is the slowest at 50 days.

The four-week average auction clearance rate was 48.3 per cent, down from 64.4 per cent in late February.

Cotality research director Tim Lawless said the slowdown went beyond seasonal factors. "The bigger issue is that buyers are finding it harder to commit," Mr Lawless said. "Higher interest rates have reduced borrowing capacity, household budgets are under pressure and confidence is weak."

On the mix of fewer new listings and more homes sitting unsold, he said: "That's not an encouraging combination for sellers."

Values and rents

National home values fell 1.1 per cent in September, the sixth consecutive monthly fall, leaving them 5.2 per cent below the March 2026 peak. Over the quarter, national values fell 3.7 per cent, the combined capitals 4.3 per cent and regional markets 1.9 per cent. Sydney fell 4.9 per cent over the quarter and is 8.6 per cent below its February peak, while Melbourne fell 3.4 per cent and Brisbane and Perth 4.7 per cent each. Darwin rose 0.5 per cent.

Rents rose 0.5 per cent over the September quarter, the slowest quarterly rise since December 2024, and 5.5 per cent over the year. Cotality's national vacancy rate was 2.0 per cent in September, up from 1.5 per cent in February, and gross rental yields reached 3.85 per cent, the highest since August 2019.

Cotality estimates four rate rises since February have cut a median-income household's borrowing capacity by about $90,000, or 9 per cent.

"Lower property prices will eventually help improve affordability, but that benefit is being offset by higher borrowing costs," Mr Lawless said.