The national house market still looks resilient because supply remains tight. The clock is still weighted far more toward Rising, Approaching Peak and Peak than toward Declining or Bottom. Tight listings, limited new supply and firm demand for more affordable houses are continuing to support many markets. Many markets remain in the Rising Market phase because affordable detached houses are still drawing buyers. This is especially clear in Brisbane, Perth, Darwin and Hobart, where lower-price segments are showing the strongest activity. Approaching Peak points to markets where conditions are still positive, but affordability pressures and borrowing limits are starting to slow momentum. Sydney is the clearest example, with Illawarra also fitting this later-cycle position. Peak of Market locations are mostly affordable regional markets that have already seen strong growth. Tamworth, Toowoomba and Mount Gambier stand out as markets where demand is still concentrated in lower and mid-price family homes. The softer side of the clock looks more like selective recovery than broad weakness. Melbourne and Canberra sit more in recovery-style territory than in outright decline. The main orange movers are Sydney, Newcastle, Illawarra and Hobart. That suggests momentum is still shifting, with some markets moving later in the cycle while others continue to strengthen.
