Investment Report – April 2026

National housing conditions are increasingly fragmented. The gap between markets with remaining affordability and those approaching their limits is now wider than at any point this cycle.

Perth and Melbourne remain the only major capitals with meaningful growth runway, supported by population inflows, relative affordability, and supply constraints that show no sign of easing.

Sydney has rolled over from recent highs and is likely to experience continued stagnation through 2026. Brisbane and Adelaide continue to push higher but affordability constraints are becoming increasingly binding.

Regional markets are outpacing capital cities, led by Western Australia, though performance outside of WA is narrowing to a small number of well-located markets.

The macroeconomic environment has deteriorated. Inflation remains persistently above target, the RBA has hiked twice in 2026, and unemployment is trending higher. Disciplined market selection has never been more important.