Everything you need to know about the state of Australia’s property markets in 20 charts – November 2025

Want to know what's happening to the housing markets around Australia?

Well... this monthly collection of charts from Cotality (formerly CoreLogic) paints an interesting picture.

The big news this month is the total value of Australian residential real estate has hit a new milestone over $12 million, doubling in value in the last decade.

Also, the premium for a house over a unit in Australia’s combined capital cities has grown to an approximate $363,000, reaching a series high that is just shy of half (49.9%) the median capital city unit value.

This new high comes as detached house values continue to grow faster than units, illustrating a significant structural shift in the housing market, according to Cotality’s November Monthly Housing Chart Pack.

The 49.9% premium marks a substantial increase from just 20% five years ago, propelled by persistent demand for houses. The median house value across the combined capitals now sits at $1,091,000, compared to the median unit value of $728,000.

Stronger growth in detached houses, with values rising 3.1% over the three months to October compared to 2.3% for units, has pushed the price gap to a record.

Cotality’s Economist Kaytlin Ezzy, said: “the long-term outperformance of houses is tied to the value of the associated land."

She further said:

“Houses have always seen stronger uplift than units in the long term because of the associated land value. That price sensitivity appears to have blown out through the strong growth cycle over the past five years.

Across the different capital city markets, the house price premium ranges from 31.6% in Hobart to a commanding 77.8% in Sydney.

Due to affordability constraints, we may see more of a deflection towards units in cities like Sydney in the short term, but over the long term we still expect houses to outperform even if the premium on houses falls.

The market's performance continues to be heavily influenced by affordability, with lower-to-middle value segments driving the strongest uplift across most capital cities.

Cotality’s Monthly Housing Charts which we share below highlight that the lowest 25% or middle 50% of market values are seeing the fastest appreciation.

This outperformance of lower-value segments, a feature of the market for nearly two years, is a clear result of affordability constraints pushing buyers to more accessible price points.

Government support schemes, such as the recent expansion of the 5% deposit scheme with its price caps set around median values, may also be contributing to growth in these segments.

Ms. Ezzy expressed surprise at the trend given recent changes to the cash rate.

She further commented:

“It is somewhat surprising to see such persistent outperformance of lower-value housing market segments given there were three rate cuts in 2025

Usually the high-end of the property market is more responsive to rate cuts.

However, we have only seen 75 basis points of rate cuts delivered this year, after a tightening cycle of 425 basis points, so perhaps this just wasn’t enough easing to push demand back into the high end of the market.”

• The total value of Australian residential real estate was $12 trillion at the end of October 2025.
• Outstanding mortgages against all residential housing are only $2.5 trillion - a very comfortable 21% Loan to Value ratio.
• 55.5% of total Aussie household wealth is held in residential property - one of the many reasons neither the banks, the government nor the RBA wants a property crash.

Australian dwelling values

• Quarterly growth in national dwelling values continues to pick up steam, rising 2.8% over the three months to October. This is the largest increase since July 2023, when the three-month change came in at 3.2%.
• Momentum in the annual trend has also continued to build, with dwelling values up 6.1% over the 12 months to October, up from a recent low of 3.9% over the 25/26 Financial Year.
• With house values rising faster than units over the three months to October (3.1% vs 2.3%), the house premium across the capitals has grown to approximately $363K, just shy of half (49.9%) the median capital city unit value ($728K).
• However, as a property investor, you can always outperform the average.

Our capital city markets are fragmented

Our housing markets are fragmented, with each state performing differently depending on local economic and market factors.

For quite some time, the lower quartile across every capital city recorded a stronger outcome for housing values; now the middle 50% of the market is performing strongly.

The following chart shows how various price segments of each capital city market are performing differently.

Each State is running its own race

One star performer was Brisbane where property values increased 10.8% over the last year and are currently at a record high.

• Perth property values are up 9.4% over the year and are currently at a new record high.

• Sydney property values increased 4.0% over the past year and are currently at a new record high.

• Melbourne property values are up 0.9% in October, rose 3.3% over the year, but are still -1.4% below the record high seen in March 2022.

• In the previous darling of the housing markets, Hobart, house prices are -8.9 % below their record highs recorded in March 2022.

Here's how the Adelaide property market performed.

•  Dwelling values in Canberra increased 3.2% over the last year.

• The Darwin housing market has performed strongly, increasing 15.4% over the year and is currently at a new record high.

Here's how many properties are for sale at the moment

• Despite a healthy lift in new listings, total listings remain subdued, with a strong rate of absorption from sales keeping stock levels low.
• At the national level, Cotality observed 127,833 properties advertised for sale over the four weeks to October 26th, down -14.8% from those seen this time last year and -18.3% below the average for this time of year.
• The problem is that very few are A Grade homes or investment grade properties. Owners of quality properties are still holding onto them.
• The spring selling season has continued to ramp up, with 43,503 newly advertised listings counted over the four weeks to October 26th.
• While up 37.0% compared to the levels seen at the end of July, the flow of new listings remains -3.0% below the levels seen this time last year and roughly in line with the previous five-year average.

Transaction volumes

• Sales activity is once again trending higher, with Cotality estimating 48,764 sales nationally through October.
• The regions have seen a steady uptick in annual sales activity, with the rolling 12-month estimate up 5.1% compared to this time last year and 1.6% higher than the previous five-year average.
• Meanwhile, capital city sales counts are up only marginally (1.1%) above the levels seen this time last year (1.1%) but are 6.1% higher than average.

It's taking longer to sell a home

• The national median time on market inched higher over the three months to October to 29 days, up from 28 days in Q3.
• While above the selling times seen this time last year, properties are currently selling around a week faster than the average over the past decade (37 days), with Hobart (31 days) being the only capital to see its median days on market exceed the 10-year benchmark (20 days).

Vendor Discounting

• Low stock levels and rising buyer activity have skewed conditions further in favour of sellers, with the national median vendor discount rate reaching its lowest level in more than three and a half years at 3.1%.
• Vendors in Brisbane (2.6%) and Perth (2.6%) recorded the lowest discounting rates over the three months to October, while sellers in regional Tasmania offered the highest (3.8%).

Auction clearance rates

• Auction activity continued to ramp up over the month, with the combined capitals hosting the busiest auction week since before Easter last year (3,519) over the four weeks 26th October 2025 (3,236).
• The rise in auction numbers occurred against a softening in success rates, with the four-week average easing from 70.1% at the end of September, to 67.0% at the end of October.
• We update the weekly auction clearance results here each week.

We're still experiencing a rental market crisis in Australia

• Momentum continues to build in the national rental value trend, with the rolling 12-month change coming in at 4.6% in October, the highest rate over the year-to-date.
• Across the combined regions, rents have risen by 6.1% over the past year, equivalent to a $34 per week increase at the median weekly rent value.
• Meanwhile, the 4.0% lift seen in capital city rents has added roughly $27 per week to the typical rent bill over the 12 months to October.

• Despite an uptick in the pace of rental growth, national gross rental yields continued to ease to their lowest levels in two years, coming in at 3.61% in October.
• With home values (1.1%) currently increasing at twice the pace of monthly rental growth (0.5%), gross rent yields are expected to compress further in the coming months.

Dwelling approvals and housing credit

• After a couple of weaker months, dwelling approvals saw a healthy 12.0% lift through September, including a 4.4% rise in houses and a 23.7% surge in units.
• Despite the monthly increase, both segments continue to record approval counts below long-term averages on an annual basis, with cost pressures and labour market tightness remaining the key hurdles to increasing supply in the market.

Finance and Lending

• The volume and value of new home loan commitments rose in the June quarter, up 1.9% and 2.0%, respectively.
• Investors drove the increase in volume, with loan commitments rising 3.5% over the quarter compared to the 0.9% lift for owner occupiers.
• For loan value, however, owner occupiers accounted for most of the rise, with the total value of commitments up 2.4%, versus a 1.4% increase in total investor loan value.

• First home buyer financing edged higher over the June quarter, helping to unwind some of the declines seen through the March quarter.
• FHB loan volumes rose 1.7% over the quarter, led by strong gains in TAS and the NT, up 15.4% and 13.6% respectively.
• At $16.3 billion, the total value of FHB loan commitments (5.7%) also climbed higher, with TAS (10.6%) and ACT (8.3%) posting the largest increases across the states and territories.

Source of charts:Cotality Monthly Housing Chart Pack, November 2025

• Also read:Melbourne property market forecast for 2026 | Is it a good time to invest in Melbourne?
• Also read:Latest Property Price Forecasts Revealed. Australian Property Market Outlook 2026: Where To For Prices With Rate Cuts Delayed.
• Also read:Sydney property market forecast for 2026. Is it a good time to invest in Sydney?
• Also read:Brisbane Property Market Forecast [2026] – What’s Ahead & Where to Invest
• Also read:Everything you need to know about the state of Australia’s property markets in 20 charts – November 2025