Key takeaways
The total value of residential dwellings in Australia rose by $213.8 billion to $11,564.0 billion in the June quarter, according to the ABS.
The number of residential dwellings rose by 53,600 to 11,373,900.
The mean price of residential dwellings rose by $14,100 to $1,016,700.
This latest increase means that over the last 5 years the total value of Australian property has increased by 60%.
This week, Cotality also reports that:
*Sydney property prices increased 0.3% over the last week, increased 0.9% over the last month and are 2.6% higher than they were 12 months ago.
*Melbourne property prices increased 0.1% over the last week, increased 0.5% over the last month, and increased 1.9% compared to 12 months ago.
*Brisbane property prices increased 0.3% over the last week, increased 1.2% over the last month and are 8.4% higher than they were 12 months ago.
Overall, Australian capital dwelling prices increased 0.9% over the last month and are now 4.0% higher than they were 12 months ago.
Clearly, the property cycle is mov
The spring selling season is gathering momentum, with 2,675 capital city homes were auctioned last week, the highest weekly volume since the first week of June (2,918) and a solid 11.4% rise from week prior (2,402).
The preliminary auction clearance rate also jumped higher, up 3.1 percentage points to 77.9% — the capital’s highest early clearance rate since late October 2021 (78.9%).
This current property cycle has been driven by an undersupply of good properties relative to current demand pushing up property values and rents there was nothing to suggest there will be any significant change in the near future.
Unfortunately, the undersupply properties is going to persist for some time with all commentators agreeing that there is no way we're going to hit the housing construction targets required to meet our demand.
The total value of residential dwellings in Australia rose by $213.8 billion to $11,564.0 billion in the June quarter, according to the ABS.
The number of residential dwellings rose by 53,600 to 11,373,900.
The mean price of residential dwellings rose by $14,100 to $1,016,700.
This latest increase means that over the last 5 years the total value of Australian property has increased by 60%.
On the auction front this week... capitals’ highest preliminary clearance rate since October 2021
2,675 capital city homes were auctioned last week, the highest weekly volume since the first week of June (2,918) and a solid 11.4% rise from week prior (2,402).
The preliminary auction clearance rate also jumped higher, up 3.1 percentage points to 77.9% — the capital’s highest early clearance rate since late October 2021 (78.9%).
This week, Cotality also reports that:
- Sydney property prices increased 0.3% over the last week, increased 0.9% over the last month and are 2.6% higher than they were 12 months ago.
- Melbourne property prices increased 0.1% over the last week, increased 0.5% over the last month, and increased 1.9% compared to 12 months ago.
- Brisbane property prices increased 0.3% over the last week, increased 1.2% over the last month and are 8.4% higher than they were 12 months ago.
Overall, Australian capital dwelling prices increased 0.9% over the last month and are now 4.0% higher than they were 12 months ago.
Clearly, the property cycle is moving on but our markets are very fragmented.
Source: Cotality September 22nd 2025
Of course, these are "overall" figures - there is not one Sydney or Melbourne or Brisbane property market.
And various segments of each market are performing differently.
At the beginning of this cycle the upper quartile of the market lead the upswing but last year the lower quartile across every capital city recorded a stronger outcome for housing values relative to its upper quartile counterpart.
The following chart shows how various segments of each capital city market are performing differently with median-priced properties performing well.
To help keep you up-to-date with all that's happening in property, here is my updated weekly analysis of data and charts as of 22nd September 2025 provided by SQM Research, Cotality, and realestate.com.au.
Current property asking prices
Property asking prices are a useful leading indicator for housing markets - giving a good indication of what's ahead.
Here is the latest data available:
Sydney
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 2,082,822 | 10.178 | 2.3% | 9.4% |
| All Units | 875,607 | 4.893 | 1.2% | 6.3% |
| Combined | 1,590,745 | 8.024 | 2.1% | 8.4% |
Source: SQM Research
Melbourne
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 1,302,817 | 2.423 | 0.6% | 5.4% |
| All Units | 641,186 | 0.814 | 0.9% | 5.4% |
| Combined | 1,093,577 | 1.914 | 0.6% | 5.3% |
Source: SQM Research
Brisbane
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 1,284,314 | 2.104 | 1.1% | 8.9% |
| All Units | 770,220 | 7.980 | 3.3% | 18.6% |
| Combined | 1,154,901 | 3.583 | 1.5% | 10.3% |
Source: SQM Research
Perth
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 1,169,823 | -4.325 | 1.3% | 8.8% |
| All Units | 673,885 | 9.481 | 2.1% | 19.9% |
| Combined | 1,039,083 | -0.705 | 1.4% | 10.4% |
Source: SQM Research
Adelaide
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 1,059,406 | 4.584 | 0.6% | 10.4% |
| All Units | 568,136 | 1.164 | 0.7% | 20.6% |
| Combined | 970,984 | 3.968 | 0.6% | 11.3% |
Source: SQM Research
Canberra
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 1,246,438 | 22.174 | 1.2% | 7.9% |
| All Units | 581,575 | -2.700 | -1.2% | -2.0% |
| Combined | 997,253 | 12.851 | 0.6% | 5.1% |
Source: SQM Research
Darwin
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 779,010 | -8.010 | -1.8% | 16.6% |
| All Units | 440,548 | -0.548 | 0.1% | 14.9% |
| Combined | 645,948 | -5.076 | -1.3% | 16.1% |
Source: SQM Research
Hobart
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 849,230 | 0.770 | 1.0% | 9.5% |
| All Units | 488,706 | -1.606 | -1.7% | -0.4% |
| Combined | 794,244 | 0.407 | 0.7% | 8.4% |
Source: SQM Research
National
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 1,023,895 | -2.436 | 1.5% | 9.4% |
| All Units | 605,581 | 3.219 | 1.8% | 8.0% |
| Combined | 933,259 | -1.211 | 1.5% | 9.1% |
Source: SQM Research
Cap City Average
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 1,507,054 | 3.660 | 1.7% | 8.5% |
| All Units | 758,845 | 4.791 | 2.3% | 8.4% |
| Combined | 1,283,801 | 3.997 | 1.8% | 8.3% |
Source: SQM Research
The value of property asking prices as a leading indicator for housing markets is quite significant.
In fact it's more valuable than median prices which can be quite misleading.
Let's delve into why this is the case and how it impacts the real estate market.
- Early Market Sentiment Indicator: Asking prices often reflect the current sentiment of sellers in the real estate market.
If sellers are confident, they might set higher asking prices, anticipating strong demand.
Conversely, if sellers are uncertain or perceive a market downturn, they might lower their asking prices to attract buyers.
This makes asking prices a real-time indicator of market sentiment, often preceding changes in actual sales prices. - Predictive of Future Price Trends: Trends in asking prices can be predictive of where the actual property prices are headed.
For example, a consistent rise in asking prices over a period can signal an upcoming rise in transaction prices. - Impact of Economic Factors: Economic factors such as interest rates, employment rates, and broader economic health influence asking prices.
For instance, changes in the Reserve Bank of Australia's policies or shifts in the job market can quickly reflect in the asking prices, providing insights into how these factors are influencing the housing market. - Regional Variations: In a diverse market like Australia's, asking prices can also provide insights into regional disparities.
For instance, the property markets in Melbourne and Sydney might behave differently from those in Brisbane or Perth. Asking prices can give early indications of these regional trends. - Influence of Supply and Demand: Asking prices are also a response to the balance of supply and demand in the market.
In areas with limited supply and high demand, asking prices tend to be higher and vice versa.
However, it's important to note that while asking prices are a valuable indicator, they should not be used in isolation.
Other factors like actual sales prices, time on the market, auction clearance rates, and economic conditions also play crucial roles in understanding the property market dynamics.
READ MORE: The latest median property prices in Australia’s major cities
Last weekend's auction report
Capitals’ highest preliminary clearance rate since October 2021
2,675 capital city homes were auctioned last week, the highest weekly volume since the first week of June (2,918) and a solid 11.4% rise from week prior (2,402).
The preliminary auction clearance rate also jumped higher, up 3.1 percentage points to 77.9% — the capital’s highest early clearance rate since late October 2021 (78.9%).
Melbourne was home to 1,322 auctions last week, overtaking the week prior (1,240) as the city’s busiest since the first week of June (1,516).
- Also read:Latest Property Price Forecasts Revealed. Australian Property Market Outlook 2026: Where Prices With Rate Cuts Delayed.
- Also read:Brisbane Property Market Forecast [2026] – What’s Ahead & Where to Invest
- Also read:Melbourne property market forecast for 2026 | Is it a good time to invest in Melbourne?
- Also read:Sydney property market forecast for 2026. Is it a good time to invest in Sydney?
- Also read:This week’s Australian Property Market Update – Latest Data, State by State September 23rd 2025
At 78.6%, last week’s preliminary clearance rate was Melbourne’s highest since the week ending October 24th, 2021 (80.1%).
925 homes went to auction across Sydney last week, up 11.6% from the 829 held the week prior.
After easing over the previous two weeks, the preliminary clearance rate rose 3.2 percentage points to 77.9% last week, making it Sydney’s fourth highest early success rate so far this year.
Across the smaller capitals, Brisbane recorded the highest volume of auctions, with 174 homes taken under the hammer — the city’s 5th highest weekly volume so far this year.
Of the 125 results collected so far, 65.6% were successful, down from 74.0% the week prior.
135 auctions were held in Adelaide last week, a 37.8% rise relative to the week prior. 85.5% of auctions have reported a successful result so far, the city’s second highest preliminary clearance rate recorded over the year to date.
Canberra hosted its busiest week since mid-April, with 105 homes auctioned last week.
This marked only the third time this year that the city held more than 100 auctions in a week.
Only 11 homes were auctioned across Perth last week with five reporting successful results so far, while just three auctions were held in Tasmania, all of which were successful.
Auction activity is set to drop back to around 1,875, this week, with Melbourne scheduled auction numbers set to ease to just under 200 amid the AFL grand final.
Across Sydney however, around 1,300 auctions are scheduled, marking what is likely to be the city’s highest weekly volume since the week prior to Easter earlier this year.
Our rental markets
According to Cotality, national rental growth picked up to 0.5% in seasonally adjusted terms through August, the largest month on month rise since May last year.
The re-acceleration in rental growth has been apparent through most of 2025, with the annual change now rising over two consecutive months, reaching 4.1% in August.
Rental markets remain extremely tight across most regions, with the national vacancy rate at 1.5% in August which is around record lows.
The five years prior to 2020 recorded an average vacancy rate of 3.3%, more than double the current level.
Despite the ongoing rise in rental values, gross rental yields have held reasonably firm since the beginning of 2023,
following the drop in yields when value growth substantially outpaced rental growth through the pandemic.
Sydney
| Property Type | Rent ($) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $1,086.35 | 2.65 | 0.3% | 4.5% |
| All Units | $718.76 | 2.24 | 0.9% | 3.4% |
| Combined | $867.82 | 2.41 | 0.6% | 3.9% |
Source: SQM Research
Melbourne
| Property Type | Rent ($) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $765.94 | 0.06 | 0.0% | 2.9% |
| All Units | $576.07 | -0.07 | -0.2% | 3.9% |
| Combined | $655.26 | -0.02 | -0.1% | 3.5% |
Source: SQM Research
Brisbane
| Property Type | Rent ($) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $770.73 | 0.27 | -0.2% | 6.2% |
| All Units | $614.15 | 1.85 | 0.0% | 7.4% |
| Combined | $700.24 | 0.98 | -0.2% | 6.7% |
Source: SQM Research
Perth
| Property Type | Rent ($) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $819.91 | -1.91 | -0.8% | 4.1% |
| All Units | $650.75 | 3.25 | 0.4% | 6.4% |
| Combined | $749.87 | 0.23 | -0.4% | 5.0% |
Source: SQM Research
Adelaide
| Property Type | Rent $) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $670.02 | 3.98 | 0.3% | 2.0% |
| All Units | $518.57 | -5.57 | -1.6% | 1.5% |
| Combined | $618.69 | 0.74 | -0.3% | 2.0% |
Source: SQM Research
Canberra
| Property Type | Rent ($) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $775.76 | 0.24 | -0.1% | 2.1% |
| All Units | $567.89 | -1.89 | -2.0% | 1.9% |
| Combined | $662.04 | -0.93 | -1.0% | 1.9% |
Source: SQM Research
Darwin
| Property Type | Rent ($) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $762.30 | -17.30 | -1.0% | -1.0% |
| All Units | $568.00 | -5.00 | -0.2% | 12.7% |
| Combined | $647.38 | -10.03 | -0.6% | 5.8% |
Source: SQM Research
Hobart
| Property Type | Rent 9$) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $591.07 | 4.93 | 2.8% | 11.0% |
| All Units | $502.06 | 3.94 | -0.2% | 11.2% |
| Combined | $550.54 | 4.53 | 1.7% | 11.1% |
Source: SQM Research
National
| Property Type | Rent ($) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $728.00 | 3.00 | 0.1% | 3.9% |
| All Units | $572.00 | 3.00 | 0.7% | 4.2% |
| Combined | $655.69 | 3.00 | 0.4% | 4.0% |
Source: SQM Research
Cap City Average
| Property Type | Rent ($) | Weekly change | Monthly change | 12 Months change |
|---|---|---|---|---|
| All Houses | $868.00 | 0.00 | -0.1% | 3.6% |
| All Units | $649.00 | 3.00 | 0.5% | 4.3% |
| Combined | $751.57 | 1.59 | 0.2% | 4.0% |
Source: SQM Research
Sellers of good properties are on strike
The flow of new listings gained momentum in the final month of winter, with 34,737 newly advertised properties observed nationally over the four weeks to August 31st.
While down -10.3% from the level seen this time last year, and -1.3% shy of the previous five-year average, listing activity rose 9.4% in August, with easing interest rates, rising sentiment and stronger capital gain conditions setting the stage for a cracking spring selling season.
Despite freshly advertised stock shifting higher, total stock levels have continued to decline, with just 118,380 property observed for sale nationally, over the four weeks to August 31st.
Since the start of winter, total listing levels have declined from -14.0% below the five-year average, to -20.2% below average, with properties being absorbed from the market faster from the market then they are added.
Compared to this time last year, the 28-day count of listings is down -13.3%.
Vendor metrics
As the following chart shows, it's taking longer to sell a home.
Despite seeing favourable value growth and sales activity, properties are taking longer to sell with the median time on market rising from 29 days over the three months to April, to 33 days in the August quarter.
Perth continues to see the shortest selling times with a median time on market of 14 days.
Meanwhile properties in Canberra (54 days) have seen the longest selling times across the capitals, after overtaking Darwin (44 days) back in April.
