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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 | New Listings Edge Up 4.2% in May 2025

key takeaways

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.

Surge

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.

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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