Key takeaways
Total property listings rose by 5.9% for the month of May.
New residential property listings increased by 4.2% nationally.
Older listings (180+ days) jumped by 8.8% over the month.
National distressed listings fell 4.2% and are down 9.9% annually.
The latest asking price trends across Australia's capital cities highlight a mix of stability, modest gains, and pockets of sharp growth.
While some markets show cooling signs, others continue their strong upward trajectory.
Key Market Movements:
- Sydney: House prices remain flat (-0.1% this month), but annual growth holds firm at 6.5%. Units saw a 9% drop this month, reflecting softness in the segment.
- Melbourne: Stability across all categories with a 8% monthly gain, though annual house growth is sluggish at 2.2%. Units remain stronger with 5.0% annual growth.
- Brisbane: A standout performer, with 1% annual house price growth and an even higher 16.1% increase in units, driven by strong demand.
- Perth: Houses gained 0% weekly, while units posted an impressive 23.3% annual growth, likely reflecting affordability and investor confidence.
- Adelaide: The strongest short-term mover, with 7% weekly house growth, indicating strong demand and sustained momentum.
- Canberra & Hobart: Some weakness, with Canberra houses down 2% annually and Hobart units declining 5.1% over the past year.
- Darwin: Houses showed 4% annual growth, maintaining strong long-term performance.
Overall Outlook:
Brisbane, Perth, and Adelaide continue their strong growth, driven by affordability and migration trends.
Sydney and Melbourne remain stable but show signs of cooling in the unit market.
The national market appears robust, with 7.2% annual growth in houses and 5.3% in units.
Meanwhile, according to data released by SQM Research, total residential property listings across Australia increased by 5.9% in May 2025, reaching 256,628 listings.
This represents a 1.5% rise compared to the same period in 2024.
Sydney recorded a significant rise with listings climbing by 8.9% to 35,111 dwellings — a 9.8% increase year-on-year.
Melbourne rose by 8.6% to 41,862, although this figure represents a 0.6% annual decline.
Brisbane and Perth also saw strong monthly growth of 8.6% and 8.1%, respectively, with Perth listings up 20.5% compared to May 2024.
Adelaide and Canberra followed with monthly rises of 10.2% and 8.3%, while Hobart rose by 3.3%.
Darwin saw a modest rise of 3.7%, though it continues to lead yearly declines with a 28.4% drop.
Total Listings of Properties for Sale
| City | May 2025 Total | April 2025 Total | May 2024 Total | Monthly change | Yearly Change % |
|---|---|---|---|---|---|
| Sydney | 35,111 | 32,241 | 31,976 | 8.9% | 9.8% |
| Melbourne | 41,862 | 38,548 | 42,119 | 8.6% | -0.6% |
| Brisbane | 17,166 | 15,813 | 17,842 | 8.6% | -3.8% |
| Perth | 16,883 | 15,621 | 14,013 | 8.1% | 20.5% |
| Adelaide | 9,072 | 8,232 | 8,736 | 10.2% | 3.8% |
| Canberra | 4,722 | 4,359 | 4,282 | 8.3% | 10.3% |
| Darwin | 1,135 | 1,094 | 1,585 | 3.7% | -28.4% |
| Hobart | 3,214 | 3,111 | 3,030 | 3.3% | 6.1% |
| National | 256,628 | 242,435 | 252,757 | 5.9% | 1.5% |
Source: SQM Research
New Listings
National new property listings (properties listed for less than 30 days) totalled 69,021 in May, up by 4.2% from April.
However, they remain 8.2% lower than May 2024.
Sydney and Canberra led monthly gains at 17.9% and 16.2%, followed by Melbourne (14.1%) and Brisbane (10.7%).
Darwin posted a marginal 1.8% rise.
The only decline was in Hobart, which saw new listings fall 20% over the month and 1.5% annually.
Year-on-year, Brisbane, Melbourne, and Canberra recorded the most notable declines, at - 10.5%, -3.8%, and -6.0%, respectively.
New Listings of properties for sale (less than 30 days)
| City | May 2025 Total | April 2025 Total | May 2024 Total | Monthly change | Yearly Change % |
|---|---|---|---|---|---|
| Sydney | 14,875 | 12,619 | 15,180 | 17.9% | -2.0% |
| Melbourne | 17,246 | 15,111 | 17,929 | 14.1% | -3.8% |
| Brisbane | 7,149 | 6,460 | 7,991 | 10.7% | -10.5% |
| Perth | 6,568 | 6,224 | 5,879 | 5.5% | 11.7% |
| Adelaide | 3,935 | 3,794 | 4,182 | 3.7% | -5.9% |
| Canberra | 1,657 | 1,426 | 1,762 | 16.2% | -6.0% |
| Darwin | 228 | 224 | 281 | 1.8% | -18.9% |
| Hobart | 520 | 650 | 528 | -20.0% | -1.5% |
| National | 69,021 | 66,232 | 75,174 | 4.2% | -8.2% |
Source: SQM Research
Old Listings
Older property listings (listed for over 180 days) jumped by 8.8% nationally in May, reaching 82,786 dwellings — a 13.5% annual increase.
Sydney and Melbourne again led the charge, rising 5.7% and 6.2%, with annual growth at 29.5% and 15.8%, respectively.
Canberra's old listings soared by 10.1% over the month and 58.8% year-on-year.
Brisbane saw a 9.6% monthly increase but a 9.1% annual decline.
Perth and Hobart experienced more modest monthly growth at 4.3% and 7.9%, respectively.
Darwin was the only city to record a fall in older listings, down 2.1% monthly and 46.2% annually.
| City | May-25 | Apr-25 | May-24 | Monthly change | Yearly Change % |
|---|---|---|---|---|---|
| Sydney | 7,019 | 6,638 | 5,421 | 5.7% | 29.5% |
| Melbourne | 9,614 | 9,053 | 8,303 | 6.2% | 15.8% |
| Brisbane | 1,999 | 1,824 | 2,198 | 9.6% | -9.1% |
| Perth | 1,807 | 1,733 | 1,764 | 4.3% | 2.4% |
| Adelaide | 1,131 | 971 | 1,169 | 16.5% | -3.3% |
| Canberra | 980 | 890 | 617 | 10.1% | 58.8% |
| Darwin | 379 | 387 | 705 | -2.1% | -46.2% |
| Hobart | 1,345 | 1,247 | 1,006 | 7.9% | 33.7% |
| National | 82,786 | 76,067 | 72,958 | 8.8% | 13.5% |
Source: SQM Research
Distressed Listings
According to SQM Research’s April 2025 report, distressed residential property listings fell by 4.2% in April 2025, dropping to 4,593 nationally.
This marks a 9.9% decrease compared to April 2024.
Most states and territories recorded monthly declines, with WA (-9.6%) and QLD (-5.5%) showing the sharpest falls.
NSW dipped slightly by 0.4%, and VIC fell by 5.1%, although VIC’s distressed listings were up 8.1% over the year.
SA and TAS showed minor drops, while ACT was the only state to post a significant monthly rise at 36%, now 13.3% higher annually.
Distressed Property Listings
| State | Apr 2025 Total Listings | Monthly change | Yearly change |
|---|---|---|---|
| NSW | 1,127 | -0.4% | -13.8% |
| VIC | 1,033 | -5.1% | 8.1% |
| QLD | 1,311 | -5.5% | -18.4% |
| WA | 621 | -9.6% | -20.7% |
| SA | 248 | -2.4% | 25.9% |
| ACT | 34 | 36.0% | 13.3% |
| NT | 102 | -1.9% | -4.7% |
| TAS | 117 | -2.5% | 3.5% |
| National | 4,593 | -4.2% | -9.9% |
Source: SQM Research
Asking Prices
Sydney Weekly Asking Prices Index
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 2,050,256 | 15.225 | -0.1% | 6.5% |
| All Units | 845,773 | -2.973 | -0.9% | 5.0% |
| Combined | 1,560,475 | 7.825 | -0.3% | 5.9% |
Source: SQM Research
Melbourne Weekly Asking Prices Index
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 1,289,345 | 9.072 | 0.8% | 2.2% |
| All Units | 633,808 | 1.092 | 0.8% | 5.0% |
| Combined | 1,082,458 | 6.554 | 0.8% | 2.5% |
Source: SQM Research
Perth Weekly Asking Prices Index
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 1,138,472 | 6.546 | 1.0% | 14.5% |
| All Units | 643,999 | -4.099 | -0.2% | 23.3% |
| Combined | 1,008,979 | 3.758 | 0.8% | 15.7% |
Source: SQM Research
Brisbane Weekly Asking Prices Index
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 1,238,053 | 3.536 | 0.6% | 12.1% |
| All Units | 717,893 | 1.707 | 0.5% | 16.1% |
| Combined | 1,107,425 | 3.077 | 0.6% | 12.6% |
Source: SQM Research.
Adelaide Weekly Asking Prices Index
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 1,041,783 | 6.885 | 2.7% | 14.5% |
| All Units | 556,460 | 4.640 | 1.6% | 18.9% |
| Combined | 954,517 | 6.481 | 2.6% | 15.0% |
Source: SQM Research
Canberra Weekly Asking Prices Index
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 1,155,062 | 2.913 | 0.4% | -5.2% |
| All Units | 596,682 | 0.055 | -0.2% | -1.4% |
| Combined | 947,406 | 1.850 | 0.3% | -4.9% |
Source: SQM Research
Darwin Weekly Asking Prices Index
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 775,676 | -3.976 | 1.4% | 18.4% |
| All Units | 406,983 | 0.517 | 0.4% | 9.2% |
| Combined | 630,863 | -2.211 | 1.2% | 15.9% |
Source: SQM Research
Hobart Weekly Asking Prices Index
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 847,407 | 2.683 | 0.3% | 7.8% |
| All Units | 504,405 | -6.005 | -0.1% | -5.1% |
| Combined | 795,217 | 1.361 | 0.3% | 6.3% |
Source: SQM Research
National Weekly Asking Prices Index
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 999,498 | 10.543 | 1.8% | 7.2% |
| All Units | 580,516 | -2.973 | -0.4% | 5.3% |
| Combined | 908,973 | 7.623 | 1.5% | 6.8% |
Source: SQM Research
Capital City Average Weekly Asking Prices Index
| Property type | Price ($) | Weekly Change | Monthly Change % | Annual % change |
|---|---|---|---|---|
| All Houses | 1,483,818 | 19.010 | 0.8% | 7.4% |
| All Units | 730,255 | -1.435 | -0.7% | 7.2% |
| Combined | 1,259,649 | 12.928 | 0.5% | 7.1% |
Source: SQM Research
Final note...
As expected, we saw a large lift in listings following the Federal Election.
The bounce in new listings indicates renewed confidence, and yet older stock continues to accumulate in cities like Sydney and Melbourne, suggesting that many vendor pricing expectations may still be out of step with the market.
The further drop in distressed listings nationally is a positive indicator, pointing to a still-benign environment despite the elevated interest rates environment from 2022 to 2025.
The recent cuts in interest rates followed by another highly probable rate cut in July, should continue to see only moderate levels of distressed selling activity.
- Also read:Latest Property Asking Prices State by State | New Listings Edge Up 4.2% in May 2025
- Also read:Property Prices to Surge? Here’s Why | Property Insiders
- Also read:Housing values continue to rise as growth trends converge across the capital cities | Latest Cotality Data
- Also read:Auction Report May 31st 2025 | Auction Markets Surge Over Final Week of Autumn
- Also read:May Home Prices Rise as Interest Rates Fall | Latest Housing Market Stats Dr. Andrew Wilson
