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Ahmad Imam Square Wide Lo Rez 400.jpglouis Christopher
By Louis Christopher
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Latest Property Asking Prices State by State | National Property Listings Ease in September

key takeaways

Key takeaways

Total listings fell 4.8% month-on-month and 6.6% year-on-year, indicating tighter market conditions.

New listings rose 3.7% nationally, suggesting fresh vendor activity despite overall stock contraction.

Old listings dropped 6.9%, reflecting improved clearance of stale stock.

National asking prices rose across all property types, with houses leading the charge, according to SQM Research’s Weekly Asking Prices Index for the week ending 30 September.

The national average asking price for houses increased 0.9% over the rolling month and 9.5% year-on-year, while units rose 1.7% monthly and 7.8% annually.

Combined dwelling prices lifted 1.0% for the month and 9.2% over the year, reflecting resilient vendor confidence despite tightening stock levels.

Brisbane and Adelaide posted standout annual growth in combined dwelling prices—up 11.4% and 13.1% respectively—while Perth units surged 20.1% year-on-year.

Sydney’s combined asking price rose 1.7% monthly and 8.2% annually, maintaining its premium position nationally.

Surge

Despite seasonal fluctuations, the September data suggests a cautious spring start, with new vendor activity offset by reduced total listings and fewer distressed properties.

Buyers may face tighter conditions in some markets, while sellers in Hobart and Canberra may benefit from renewed momentum.

Australia’s residential property market saw a modest contraction in total listings in September 2025, with national stock levels falling 4.8% month-on-month and 6.6% year-on-year.

The decline was broad-based, led by Brisbane (-8.5%) and Perth (-8.6%), while Hobart and Canberra recorded the smallest monthly drops.

Total Listings of Properties for Sale

City Sept 2025 Total Aug 2025 Total Sept 2024 Total Monthly change Yearly Change %
Sydney 32,759 33,798 34,035 -3.1% -3.7%
Melbourne 37,867 39,721 40,251 -4.7% -5.9%
Brisbane 14,745 16,106 17,033 -8.5% -13.4%
Perth 13,049 14,284 12,454 -8.6% 4.8%
Adelaide 7,777 8,363 7,711 -7.0% 0.9%
Canberra 4,302 4,362 4,305 -1.4% -0.1%
Darwin 933 1,001 1,450 -6.8% -35.7%
Hobart 2,554 2,721 2,774 -6.1% -7.9%
National 227,671 239,044 243,739 -4.8% -6.6%

Source: SQM Research

New Listings

New listings (properties advertised for less than 30 days) rose 3.7% nationally, suggesting fresh vendor activity despite overall stock tightening.

Hobart (+22.2%) and Canberra (+9.9%) led the monthly uplift, while Darwin (-20.9%) and Perth (-6.9%) posted the steepest declines.

Compared to September 2024, new listings fell 4.1% nationally, with Brisbane (-13.8%) and Darwin (-17.3%) showing the sharpest annual contractions.

New Listings of properties for sale (less than 30 days)

City Sept 2025 Total Aug 2025 Total Sept 2024 Total Monthly change Yearly Change %
Sydney 16,422 16,214 16,797 1.3% -2.2%
Melbourne 17,886 17,937 17,033 -0.3% 5.0%
Brisbane 6,969 6,867 8,088 1.5% -13.8%
Perth 5,541 5,950 5,830 -6.9% -5.0%
Adelaide 3,841 3,865 4,054 -0.6% -5.3%
Canberra 2,106 1,916 1,907 9.9% 10.4%
Darwin 234 296 283 -20.9% -17.3%
Hobart 590 483 524 22.2% 12.6%
National 74,464 71,815 77,622 3.7% -4.1%

Source: SQM Research

Old Listings

Old listings (properties on market for more than 180 days) declined 6.9% nationally over the month, indicating continued absorption of stale stock.

Canberra (-11.8%) and Melbourne (-.2%) saw notable monthly reductions, while Sydney (+21.9%) and Canberra (+28.0%) recorded the largest annual increases, reflecting longer selling times in select markets.

City Sept-25 Aug-25 Sept-24 Monthly change Yearly Change %
Sydney 5,993 6,132 4,915 -2.3% 21.9%
Melbourne 8,114 8,744 8,051 -7.2% 0.8%
Brisbane 1,726 1,791 1,641 -3.6% 5.2%
Perth 1,557 1,602 1,310 -2.8% 18.9%
Adelaide 1,194 1,176 998 1.5% 19.6%
Canberra 841 953 657 -11.8% 28.0%
Darwin 307 329 607 -6.7% -49.4%
Hobart 1,114 1,221 1,117 -6.3% 2.4%
National 71,619 76,931 70,476 -6.9% 1.6%

Source: SQM Research

Distressed Listings

Distressed listings declined 8.0% nationally, with QLD (-31.8%) and WA (-42.6%) showing the strongest annual improvement.

NSW and SA also posted double-digit monthly declines, while NT and TAS were the only regions to record increases.

Distressed Property Listings

Distressed Listings September 2025

Source: SQM Research

Asking Prices

Sydney Weekly Asking Prices Index

Property type Price ($) Weekly Change Monthly Change % Annual % change
All Houses 2,099,328 5.922 1.9% 9.0%
All Units 878,872 -0.372 1.4% 6.3%
Combined 1,601,853 3.357 1.7% 8.2%

Source: SQM Research

Melbourne Weekly Asking Prices Index

Property type Price ($) Weekly Change Monthly Change % Annual % change
All Houses 1,301,902 -1.302 0.5% 4.7%
All Units 647,515 2.785 1.5% 6.1%
Combined 1,094,953 -0.009 0.7% 4.8%

Source: SQM Research

Perth Weekly Asking Prices Index

Property type Price ($) Weekly Change Monthly Change % Annual % change
All Houses 1,159,475 -3.319 -1.1% 8.0%
All Units 679,671 3.728 2.6% 20.1%
Combined 1,033,685 -1.338 -0.5% 9.8%

Source: SQM Research

Brisbane Weekly Asking Prices Index

Property type Price ($) Weekly Change Monthly Change % Annual % change
All Houses 1,303,296 11.381 1.8% 10.2%
All Units 781,911 4.439 4.1% 18.4%
Combined 1,172,048 9.633 2.2% 11.4%

Source: SQM Research.

Adelaide Weekly Asking Prices Index

Property type Price ($) Weekly Change Monthly Change % Annual % change
All Houses 1,068,226 4.574 0.9% 11.9%
All Units 581,668 3.762 2.4% 24.4%
Combined 980,652 4.428 1.1% 13.4%

Source: SQM Research

Canberra Weekly Asking Prices Index

Property type Price ($) Weekly Change Monthly Change % Annual % change
All Houses 1,239,025 -7.413 0.2% 6.1%
All Units 578,969 -2.607 -1.7% -2.8%
Combined 991,641 -5.612 -0.3% 3.5%

Source: SQM Research

Darwin Weekly Asking Prices Index

Property type Price ($) Weekly Change Monthly Change % Annual % change
All Houses 782,252 -11.252 -0.7% 16.7%
All Units 437,512 -2.637 0.0% 13.8%
Combined 646,723 -7.865 -0.5% 15.9%

Source: SQM Research

Hobart Weekly Asking Prices Index

Property type Price ($) Weekly Change Monthly Change % Annual % change
All Houses 849,182 -0.092 -0.2% 7.8%
All Units 487,464 2.736 -1.6% -1.1%
Combined 794,014 0.339 -0.4% 6.8%

Source: SQM Research

National Weekly Asking Prices Index

Property type Price ($) Weekly Change Monthly Change % Annual % change
All Houses 1,029,546 -0.813 0.9% 9.5%
All Units 609,352 1.792 1.7% 7.8%
Combined 933,503 -0.249 1.0% 9.2%

Source: SQM Research

Capital City Average Weekly Asking Prices Index

Property type Price ($) Weekly Change Monthly Change % Annual % change
All Houses 1,512,070 3.212 0.9% 7.9%
All Units 761,932 0.181 1.3% 8.9%
Combined 1,288,241 2.308 1.0% 7.9%

Source: SQM Research

Final note...

The September data confirms what we’ve been observing over recent weeks—a tightening in national listings alongside a steady rise in asking prices.

Vendor confidence remains firm, particularly in Brisbane, Adelaide, and Perth, where annual price growth is outpacing the national average.

The uplift in new listings suggests sellers are responding to spring momentum, but total stock remains below last year’s levels, which could place upward pressure on prices if buyer demand holds.

Distressed listings continue to trend down, which is a positive indicator for market stability.

However, the increase in older stock in Sydney and Canberra may point to pockets of buyer hesitation or overpricing.

Overall, the market is showing resilience, but affordability constraints and interest rate settings will remain key factors to watch as we head deeper into the selling season.

Ahmad Imam Square Wide Lo Rez 400.jpglouis Christopher
About Louis Christopher Louis is recognised as one of Australia’s most respected and impartial research property analyst. He has extensive knowledge and experience of property and is regularly quoted in the media on his insights and is director of SQM Research.
Visit www.SQMResearch.com.au
4 comments

Just sold a property in Gold Coast. The Real Estate website had a "high confidence" medium price of $689k, with an upside of $730k. Sold at $740. So I believe that these websites are underestimating prices. Why? No idea.

1 reply

So Perth has officially caught up with Adelaide?

1 reply
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