Australia’s property market has shifted rapidly in 2026. Buyer confidence has weakened, interest rates remain higher for longer and the gap between our capital city markets is becoming harder to ignore.

But is the market heading into a deeper downturn, or are we beginning to see signs of stabilisation?

In this episode of Behind the Numbers, Sadhana Smiles is joined by property market analyst Cameron Kusher to unpack what is really happening across Australia’s residential market.

They discuss the changing behaviour of buyers and sellers, the growing divide between Sydney and Melbourne and markets such as Brisbane, Adelaide and Perth, the impact of affordability and investor activity, and what current listings, clearance rates and demand indicators are telling us about what comes next.

They also tackle one of the biggest contradictions in Australian housing: if we have a structural shortage of homes, why can property prices still fall?

A practical conversation about the numbers behind the headlines, what agents should be watching now and where the market could be heading into 2027.