Key takeaways
The national capital city median house price climbed 0.7% over the July quarter to $1,208,603.
Annual growth stands at +5.9%, reflecting renewed momentum in housing markets.
Sydney’s house median now sits at $1,706,971, with 1-year growth of +4.9%.
Despite its modest monthly rise, it remains Australia’s most expensive capital.
National median unit prices rose by 0.4% in July to $684,720, now 4.4% higher than a year ago. This marks the sixth consecutive monthly increase.
National home prices are on track to grow solidly through 2025, mirroring the past two years.
Market speculation of additional rate cuts later this year could extend growth, especially in markets still catching up like Melbourne and Canberra.
House prices continue to rise with all capitals reporting increases over July compared to the previous month, with annual price growth surging.
The national capital city median house price was up by 0.7% over the July quarter to $1,208,603 compared to the June quarter, according to the latest data from My Housing Market.
The July result was the fifth consecutive monthly rise in national prices with annual house prices continuing to accelerate and now higher by 5.9% over the past year.
All capitals reported house price increases over July with a resurgent Darwin the top performer higher by 3.7% followed by Canberra up 2.0%, Brisbane and Perth each higher by 1.9%, Hobart increased 0.8%, Sydney and Melbourne each up 0.3% and Adelaide higher by 0.1%.
Perth, Darwin, Brisbane and Adelaide have reported the highest house price increases over the past year - higher by 11.2%, 10.6%, 9.9% and 7.0% respectively.
|
Quarterly Median House Prices July 2025 |
||||||
| Median | Month | This Year | 1 Year | 2 Year | ||
| Sydney | $1,706,971 | 0.3% | 3.2% | 4.9% | 11.6% | |
| Melbourne | $1,082,991 | 0.3% | 3.1% | 2.9% | 2.2% | |
| Brisbane | $1,062,619 | 1.9% | 5.8% | 9.9% | 29.3% | |
| Adelaide | $1,013,836 | 0.1% | 4.0% | 7.0% | 28.2% | |
| Perth | $1,017,157 | 1.9% | 5.0% | 11.2% | 40.8% | |
| Hobart | $707,428 | 0.8% | 3.6% | 5.7% | 2.3% | |
| Darwin | $692,577 | 3.7% | 10.7% | 10.6% | 3.8% | |
| Canberra | $982,029 | 2.0% | 2.9% | 2.3% | -0.6% | |
| National | $1,208,603 | 0.7% | 3.8% | 5.9% | 14.5% | |
Apartment / Unit Market Update
National unit prices were also higher again over the July quarter for the sixth consecutive month, rising by 0.4% to $684,720 to remain 4.4% higher than the July quarter 2024 result.
Adelaide was the top monthly performer with unit prices rising strongly over July by 2.2% followed by Canberra increasing 1.9%, Perth up 1.4%, Melbourne increased 0.7%, Sydney up 0.2% with Brisbane steady.
Darwin and Hobart unit prices however again fell over the month, down by 1.5% and 6.0% respectively.
| Quarterly Median Unit Prices July 2025 | ||||||
| Median | Month | This Year | 1 Year | 2 Year | ||
| Sydney | $795,931 | 0.2% | 2.6% | 3.0% | 7.7% | |
| Melbourne | $572,900 | 0.7% | 2.1% | 1.2% | 1.6% | |
| Brisbane | $620,574 | 0.0% | 8.0% | 13.3% | 45.4% | |
| Adelaide | $574,489 | 2.2% | 9.1% | 13.5% | 34.1% | |
| Perth | $558,234 | 1.4% | 8.9% | 14.5% | 44.8% | |
| Hobart | $519,397 | -6.0% | 0.0% | 1.8% | 6.7% | |
| Darwin | $376,619 | -1.5% | 5.4% | 4.3% | 4.3% | |
| Canberra | $513,167 | 1.9% | 2.4% | 1.9% | 0.2% | |
| National | $684,720 | 0.4% | 3.5% | 4.4% | 11.1% | |
Perth, Adelaide and Brisbane have recorded clearly the highest annual unit price growth over the year ending the July quarter 2025 up by 14.5%, 13.5%, and 13.3% respectively.
Comment
Capital city housing markets have continued to report positive results over the July quarter compared to the previous June quarter although monthly growth rates – while remaining robust, have eased compared to those of the previous month.
The RBA rate cuts of February and May have clearly energised housing markets by improving affordability and adding to already heady buyer and seller confidence.
House prices increased in all capitals over July with Perth and Brisbane continuing as standout performers – with the Perth median house price now exceeding $1,000,000 and closing in rapidly on Adelaide.
- Also read:House Prices Rise Everywhere Over July | Latest Housing Market Stats Dr. Andrew Wilson
- Also read:52 years of valid reasons not to invest
- Also read:Why Testamentary Trusts Aren’t Just for the Rich: A Guide to Safeguarding Your Legacy Introduction
- Also read:Why the ALP’s Grand Plan to Build 1.2 Million Homes Is Destined to Fail – A Reality Check
- Also read:Here’s how I’ll be investing in property in 2023
Annual house prices in a reviving Melbourne continue to accelerate and are now up 2.9%
Unit price growth also remained relatively positive over July, although overall results were again lower compared to houses over the month.
Similar to houses, Melbourne continues to report rising results, with unit prices up by 3.1% over 2025 so far – a similar result to Sydney.
2025 is set to continue to produce positive results for capital city housing markets, fuelled by improved affordability and rising confidence generated by lower interest rates.
Prices growth in Brisbane, Adelaide and Perth is now set to again lead capital city outcomes however results are likely to be lower than the boom-time results recorded through 2024.
Sydney will to continue to report solid to strong results, with the Melbourne market now providing clear signs of a significantly better year for prices growth for both houses and units.
Underlying drivers will continue to support housing market activity generally, with the rising possibility of further near-term RBA rate cuts that will support current housing market activity and continue to generate higher home prices.
The national economy remains strong with jobless rates remaining low despite some recent marginal easing and will be enhanced by further interest rate cuts.
The recent solid performance of retail sales also reflects heady consumer activity and confidence.
Although high post-COVID migration levels have eased recently, numbers remain strong and continue to add to chronic housing undersupply supporting high rents and low vacancy rates generally in capital city rental markets.
Following a period of easing, the latest data is reporting a general tightening of vacancy rates and rising tenant demand, with higher rents again likely to follow.
High rents and higher prices continue to provide clear incentives for first home buyers and investors chasing solid investment returns.
New government initiatives to support first home buyers will also act to place upward pressure on prices.
Capital city housing markets generally recorded higher house and unit prices over 2003 and 2024, and have continued to generally rise over July albeit at a slightly reduced pace compared to the previous month.
National home prices are set to record sturdy growth again over 2025 similar at least to the results of the previous two years supported by lower interest rates, a continuing strong economy and chronic low levels of new home construction.
