Home values fell across the country in the June quarter, but more than 95 per cent of homes that resold over those three months still delivered a profit.

That's according to Cotality's latest Pain and Gain report, which found the share of profitable resales eased only slightly from a 21-year high.

The report also shows what's behind those results, and the biggest factor is how long sellers have owned their home.

Profits have eased, not disappeared

Cotality analysed more than 94,000 resales in the June quarter and found 95.4 per cent sold for more than their previous purchase price, down from 96.1 per cent in March.

The median gain eased from a record $378,000 to $371,000, while the median loss edged up from $44,000 to $45,000.

Cotality's head of research Gerard Burg said the shift was modest after several years of strong value growth.

"Profitability is still exceptionally high by historical standards, but we are starting to see the impact of weaker housing market conditions flow through to resale outcomes," he said.

Houses continued to outperform units by a clear margin.

^{Source: Cotality Pain and Gain report, June quarter 2026}

That gap reflects how much faster house values have grown over the past decade. The median Australian house is now 36.5 per cent more expensive than the median unit, compared with a premium of 21.2 per cent five years ago.

It's worth noting these are nominal figures, comparing the sale price with the original purchase price. They don't account for inflation or the costs of buying, selling and holding a property.

Time in the market is doing the heavy lifting

Homes that sold for a profit in the June quarter had been held for a median of 9.1 years, compared with 8.1 years for those sold at a loss.

The gap was even starker for houses. Profitable house resales had been held for a median of 9.3 years, while loss-making ones had been held for just 4.4 years.

Mr Burg said many of those loss-making purchases dated back to around 2022, when values were close to their previous peak before rising interest rates slowed the market.

The difference over time is significant. Cotality's national house value index has risen 69.3 per cent since March 2017, adding more than $417,000 to the median house value, but just 19.7 per cent since January 2022.

"Owners who have held their property for nine or 10 years have generally experienced several periods of value growth, giving them a much larger equity buffer when market conditions weaken," Mr Burg said.

The longer the hold, the larger the typical return.

^{Selected ownership periods. Source: Cotality Pain and Gain report, June quarter 2026}

Property markets move in cycles, and Cotality counts 10 periods of decline across the combined capital cities over the past 40 years. Long-term owners have typically ridden through several of them and still come out well ahead.

Mr Burg also noted the trend isn't universal.

"However, longer ownership doesn't always guarantee a profit, and the results vary considerably by market and property type, but the likelihood of a profitable resale generally increases with time," he said.

How each market is faring

Brisbane remained the most profitable capital city, a position it has held since June 2024, with 99.8 per cent of resales making a profit and a median gain of $525,000.

Adelaide and Perth weren't far behind, with Adelaide's median gain climbing to a record $480,400. Hobart also improved on its March result, with values there still rising through June.

^{Source: Cotality Pain and Gain report, June quarter 2026}

Regional markets recorded a higher rate of profitable resales than the capitals, although sellers in the cities pocketed larger median gains.

Sydney and Melbourne recorded softer results, largely because of their unit markets. More than one in five Melbourne unit resales made a loss, compared with fewer than one in 20 houses.

"Most apartment owners are still selling for a profit, but the risk of a loss is considerably higher in parts of Sydney and Melbourne where value growth has been weaker," Mr Burg said.

At the other end of the scale, Western Australia was home to the three local government areas with the highest median gains, led by Chittering, north-east of Perth, at $872,500.

What it means if you're thinking of selling

If you've owned your home for close to a decade or longer, the data suggests you're likely to be sitting on a substantial gain, even after recent value falls.

That equity can go a long way if you're upsizing, particularly when you're buying in the same market you're selling in.

Recent buyers are in a different position, especially those who bought units in the past few years.

"Recent buyers have had much less time to accumulate those gains and are therefore more exposed when values fall, particularly if they bought close to a market peak," Mr Burg said.

Wherever you sit, the most useful step is to understand your own numbers. Start by comparing what your home is worth today with what you paid for it, then factor in the costs of selling.

From there, a top local agent can tell you how buyers are behaving in your suburb and what your home could realistically achieve. Our look at what a softer market means for different sellers is also worth a read.

Values will keep moving from quarter to quarter. For most homeowners, though, the years already spent in the market will matter far more to the outcome than any single quarter's result.