By Michael Yardney June 16, 2025

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This week’s Australian Property Market Update – Latest Data, State by State June 17th 2025

Property Market News
This week’s Australian Property Market Update – Latest Data, State by State June 17th 2025

Key takeaways

Australia’s housing market just hit another milestone.

The total value of all residential dwellings across the country climbed to $11.37 trillion in March 2025, rising 1.2% over the quarter and almost 6% over the year.

With two interest rate cuts already this year, and more on the way, we will see momentum pick up even further.

On the flip side, we’re still not building enough homes.
The number of dwellings grew to just over 11.33 million - up 179,900 over the year - which sounds decent until you remember that it’s well below what the Housing Accord is aiming for.

This week, Cotality also reports that:

*Sydney property prices increased 0.2% over the last week, increased 0.6% over the last month and are 0.9% higher than they were 12 months ago.

*Melbourne property prices increased 0.1% over the last week, increased 0.4% over the last month, and are -0.9% lower compared to 12 months ago.

*Brisbane property prices remained flat over the last week, increased 0.3% over the last month and are 6.8% higher than they were 12 months ago.

Overall, Australian capital dwelling prices increased 0.5% over the last month and are now 2.5% higher than they were 12 months ago.

There were 2,216 auctions held across the combined capitals last week

The preliminary auction clearance rate bounced back last week. coming in at 70.1%

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.

Australia’s housing market just hit another milestone.

The total value of all residential dwellings across the country climbed to $11.37 trillion in March 2025, rising 1.2% over the quarter and almost 6% over the year.

Of that, households now own nearly $10.92 trillion. And for the first time ever, the average price of a home nationally has topped $1 million—landing at $1,002,500. That’s up 0.7% this quarter and 4.2% over the year.

Now, depending on where you sit, the idea of the "average" Aussie home costing over a million dollars will either feel like a win or a warning.

It’s worth noting that only New South Wales actually has an average over the million mark.

However, the broader growth in the value of the housing stock indicates that the market is still powering ahead.

With two interest rate cuts already this year, and more on the way, we will see momentum pick up even further.

On the flip side, we’re still not building enough homes.

The number of dwellings grew to just over 11.33 million - up 179,900 over the year - which sounds decent until you remember that it’s well below what the Housing Accord is aiming for.

And these figures are often revised down.

So with demand rising thanks to cheaper money, but supply still lagging well behind, all this quite simply points to more upward pressure on prices, and stronger long-term growth than many expect.

On the auction front...there were 2,216 auctions held across the combined capitals last week

The preliminary auction clearance rate bounced back last week. coming in at 70.1%

See Cotality's full auction report below.

This week, Cotality also reports that:

Sydney property prices increased 0.2% over the last week, increased 0.6% over the last month and are 0.9% higher than they were 12 months ago.
Melbourne property prices increased 0.1% over the last week, increased 0.4% over the last month, and are -0.9% lower compared to 12 months ago.

Brisbane property prices remained flat over the last week, increased 0.3% over the last month and are 6.8% higher than they were 12 months ago.

Overall, Australian capital dwelling prices increased 0.5% over the last month and are now 2.5% higher than they were 12 months ago.

Clearly, the property cycle is moving on but our markets are very fragmented.

Source: Cotality June 16th 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 26th May 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	2,053,123	2.867	0.4%	6.5%
All Units	843,486	-2.286	-1.3%	3.9%
Combined	1,560,972	0.497	0.0%	5.7%

Source: SQM Research

Melbourne

Property type	Price ($)	Weekly Change	Monthly Change %	Annual % change
All Houses	1,295,803	6.457	1.2%	2.7%
All Units	633,904	0.096	0.7%	4.5%
Combined	1,086,803	4.344	1.1%	2.8%

Source: SQM Research

Brisbane

Property type	Price ($)	Weekly Change	Monthly Change %	Annual % change
All Houses	1,241,603	3.550	0.6%	12.1%
All Units	724,197	6.303	1.4%	16.3%
Combined	1,111,580	4.154	0.7%	12.7%

Source: SQM Research

Perth

Property type	Price ($)	Weekly Change	Monthly Change %	Annual % change
All Houses	1,140,298	1.826	1.4%	13.7%
All Units	641,599	-2.400	-0.9%	22.3%
Combined	1,009,677	0.698	1.0%	14.9%

Source: SQM Research

Adelaide

Property type	Price ($)	Weekly Change	Monthly Change %	Annual % change
All Houses	1,054,736	12.954	4.2%	14.8%
All Units	550,955	-5.505	0.6%	18.3%
Combined	964,140	9.623	3.8%	15.1%

Source: SQM Research

Canberra

Property type	Price ($)	Weekly Change	Monthly Change %	Annual % change
All Houses	1,169,268	14.207	1.6%	-4.9%
All Units	597,329	0.646	0.0%	-1.3%
Combined	956,156	8.750	1.1%	-4.6%

Source: SQM Research

Darwin

Property type	Price ($)	Weekly Change	Monthly Change %	Annual % change
All Houses	777,738	2.062	2.0%	17.4%
All Units	407,867	0.883	0.2%	9.4%
Combined	632,412	1.549	1.6%	15.3%

Source: SQM Research

Hobart

Property type	Price ($)	Weekly Change	Monthly Change %	Annual % change
All Houses	843,953	-3.453	0.0%	6.9%
All Units	500,852	-3.552	-0.9%	-3.5%
Combined	791,716	-3.501	-0.1%	5.7%

Source: SQM Research

National

Property type	Price ($)	Weekly Change	Monthly Change %	Annual % change
All Houses	999,160	-0.338	1.9%	7.0%
All Units	582,035	1.519	-0.2%	6.3%
Combined	908,975	0.002	1.6%	6.8%

Source: SQM Research

Cap City Average

Property type	Price ($)	Weekly Change	Monthly Change %	Annual % change
All Houses	1,483,881	0.063	1.3%	7.1%
All Units	729,352	-0.903	-0.6%	5.9%
Combined	1,259,257	-0.392	1.0%	6.7%

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.

Last weekend's auction report

Bounce back in preliminary auction clearance rate

The combined capital city preliminary auction clearance rate bounced back last week, coming in at 70.1%, following a plunge to 63.8% (revised down to 60.7%) over the week prior which was impacted by the Kings Birthday long weekend.

The volume of auctions also rose, jumping 61% over the week, with 2,216 capital city homes going under the hammer last week, up from 1,373 over the previous week.

Melbourne led the volume of auctions last week, with 1,030 homes taken to market. 72.2% have been successful so far, up from 71.5% the week prior (revised down to 65.9% once finalised), the seventh week in a row where the preliminary clearance rate has held above the 70% mark.

There were 836 auctions held in Sydney last week, with the preliminary clearance rate rising to 70.5%, the first 70%+ early clearance rate in three weeks and only the second time in thirteen weeks that Sydney has recorded a preliminary auction clearance rate at 70% or higher.

In Brisbane, 127 auctions were held last week, with 61.4% selling based on the collection to-date.

Last week in Adelaide, 133 homes went under the hammer, with 67.1% reporting a successful result – the highest preliminary clearance rate in three weeks.

Across the ACT, 79 auctions were held last week, with 60.7% reported as sold so far (the highest preliminary clearance rate in three weeks).

In Perth, 11 auctions were held last week, with five of the 10 results collected so far reporting a successful result. There were no auctions held in Tasmania last week.

The volume of auctions is set to reduce this week, with approximately 1,850 capital city auctions currently scheduled, rising to around 1,960 next week.

Our rental markets

According to Cotality, macro trend in rental markets is one of slowing growth, albeit with some seasonality providing a positive influence on trends through the earlier months of the year.

The monthly pace of rental growth eased back to 0.4% in May, following three months of 0.6% month-on-month gains.

The largest capitals, Sydney and Melbourne, are now among the softest rental markets in the country following a period of extreme rental growth.

The slowdown in rental growth across most markets comes despite rental vacancy rates remaining close to historic lows.

Every capital city continues to see rental vacancy rates below 2% compared with a decade average of 2.6% across the combined capitals.