Key takeaways
Almost 45% of all suburbs across Australia are now at a record high in value, according to Cotality
The suburb-level analysis reveals the broad-based nature of the current housing upswing, with values across 44.8% of the 3,722 suburbs analysed sitting at a peak at the end of June - a share expected to rise in coming months.
Cotality estimates the combined value of residential real estate held steady at $11.5 trillion at the end of June.
National housing values rose 1.4% over the second quarter of the year, with the pace of growth accelerating from the 0.9% rise seen in Q1 and -0.1% decline recorded over the three months to December.
National home values rose 3.4% over the 24-25 financial year, matching the 3.4% rise seen over the 12 months to May. With the quarterly growth rate gaining momentum, the annual trend is likely moving through a low point. The growth trend is expected to gradually rise in the second half of the year.
While the combined regions (1.6%) are still outperforming the capitals (1.4%) on a quarterly basis, the performance gap has narrowed, with the combined capitals recording stronger monthly gains through both May and June (0.6% vs 0.5%).
Across the capitals, Darwin continued to lead the pace of quarterly growth, with dwelling values up 4.9% over the three months to June. Followed by Perth and Brisbane, with values increasing 2.1% and 2.0% respectively.
Cotality estimates there were 531,457 sales nationally over the 2024-25 financial year, up 2.7% from the 517,597 seen in the 2023-24 FY.
Nationally, properties are taking longer to sell with the median time on market rising to 35 days in the June quarter, up from 34 days over the March quarter and 29 days in Q2 2024.
With just 33,159 new properties advertised for sale nationally over the four weeks to June 29th, the current flow of freshly listed stock is at its lowest point for this time of year since 2020.
The shortfall in new listings, coupled with a strong absorption rate has seen total listings drift lower, coming in -16.7% below the historic five-year average for this time of year.
Rental growth continued to ease in the June quarter, with the national rental index recording its smallest Q2 increase (1.3%) since 2020.
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.
Brisbane and Regional Queensland recorded the highest share of suburbs at peak, at 78.8% and 77.7% respectively.
Perth followed with 74.8% of suburbs recording all-time highs, while Adelaide, Regional SA and Regional WA saw 61.4%, 58.8% and 53.6% of suburbs at peak respectively.
Although the majority of suburbs nationwide are not currently at a record high, momentum is building.
At the end of June, values across 329 suburbs were within 0.5% of their previous peak, with 290 of those recording value rises over the quarter.
With national dwelling values up 0.6% in June, the proportion of suburbs at peak is expected to climb above the 50% mark in the coming months.
Cotality Economist Kaytlin Ezzy said the figures show the widespread nature of housing market's recent recovery.
She further said:
“While national indices provide a macro view, suburb-level data shows how widespread this growth phase really is.
The fact that so many suburbs are either at or just shy of their peak shows not only the diverse recovery in markets like Sydney and Melbourne, but also the continued resilience of recent hotspots including Brisbane, Perth and Regional Australia.”
The analysis also highlights how market performance has diverged across the country over recent years.
Several cities - including Sydney, Perth, Adelaide and now Darwin - have returned to peak, while others are still making up ground.
Ms Ezzy noted that variation in localised economic conditions, housing supply levels and migration trends continue to drive differences among individual markets recovery pace.
While most capitals and rest of state regions are celebrating new highs, recovery in others have been more sluggish.
She further explained:
“Across Melbourne, only 12.9% of suburbs saw record highs in June. In Canberra, only eight markets were at peak, while just one suburb (Brighton) recorded new highs in Hobart.”
Despite home values trending higher though much of most of 2025, values across these broader regions remain -3.9%, -5.3% and -10.2% below their respective 2022 peaks.
While this might be received as bad news for homeowners, prospective buyers in these markets are in the position to access housing at prices lower than they were three years ago.”
Residential real estate underpins Australia's wealth
- The total value of Australian residential real estate was $11.5 trillion at the end of June 2025
- Outstanding mortgages against all residential housing are only $2.4 trillion - a very comfortable 21% Loan to Value ratio.
- 55.9% 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
- National housing values rose 1.4% over the second quarter of the year, with the pace of growth accelerating from the 0.9% rise seen in Q1 and - 0.1% decline recorded over the three months to December.
- National home values rose 3.4% over the 24-25 financial year, matching the 3.4% rise seen over the 12 months to May.
- With the quarterly growth rate gaining momentum, the annual trend is likely moving through a low point. The growth trend is expected to gradually rise in the second half of the year
- While the combined regions (1.6%) are still outperforming the capitals (1.4%) on a quarterly basis, the performance gap has narrowed with the combined capitals recording stronger monthly gains through both May and June (0.6%
vs 0.5%). - However, our property markets are fragmented meaning while many segments are growing, some are languishing.
- And, of course, 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.
At the beginning of this property cycle the upper quartile of the market lead the upswing in 2023, but more recently the lower quartile across every capital city has recorded a stronger outcome for housing values relative to its upper quartile counterpart.
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 7.0% over the last year and are currently at a record high.
- Perth property values are also up 7.0% over the year and are currently at a new record high.
- On the other hand, although Melbourne property values, are up 0.5% over the last month, they still fell 0.4% over the last year, but are now just -3.9% below the record high, which was in March 2022.
- In the previous darling of the housing markets, Hobart, house prices are -10.2 % below their record highs recorded in March 2022.
Sydney property values increased 1.3% over the past year and is currently at a new record high.
Here's how the Adelaide property market performed.
The Canberra housing market increased 0.3% over the last year.
Similarly, the Darwin housing market increased 6.0% last year and is currently at a new record high.
Here's how many properties are for sale at the moment
- After rebounding somewhat in May, the flow of new listings eased through June, with just 33,159 new properties advertised for sale nationally over the four weeks to June 29th.
- Down -11.7% compared to this time last year and -9.2% below the fiveyear average, the current flow of freshly listed stock is the lowest observed for this time of year since 2020.
- The problem is that very few are A Grade homes or investment grade properties. Owners of quality properties are holding onto them.
- The shortfall in new listings, coupled with a strong absorption rate has seen total listings drift lower.
- At the national level, Cotality observed 127,020 for sale listings over the four weeks to June 29th, down -11.8% from the recent March high (144,025), and -16.7% below this time of year’s five-year historic average.
Transaction volumes
- Cotality estimates there were 531,457 sales nationally over the 2024-25 financial year, up 2.7% from the 517,597 seen in the 2023-24 FY.
- Across the capitals and regional markets, Darwin saw the largest increase in estimated sales, up 44.0% compared
to the previous 12-month period, followed by Regional Victoria (21.7%), Regional NT (17.5%) and Canberra (12.0%). - Sydney, Perth and Brisbane were the only regions to see a decline in annual sales activity, down -5.7%, -1.9% and -0.9% respectively.
It's taking longer to sell a home
- Nationally, properties are taking longer to sell with the median time on market rising to 35 days in the June quarter, up from 34 days over the March quarter and 29 days in Q2 2024.
- Over the year, Brisbane (25 days) recorded the largest increase in selling times across the capitals, up 9 days, followed by Hobart (49 days), which saw an 8-day increase.
- Darwin (43 days) and Canberra (53 days) were the only capitals to see the median time on market decline over the year, with selling times falling by 12 and 3 days, respectively.
Vendor Discounting
- Regional vendors are negotiating less in order to secure a sale, with the median discounting rates across the combined regions easing from -3.8% in three months to March to 3.6% in Q2.
- The combined capital also saw a mild decline in discounting rates over the June quarter, with the median dropping from -3.3% to 3.2%.
Auction clearance rates
- Auction activity across the combined capitals was somewhat elevated in June, with weekly auction numbers exceeding 2,000 each week, except during the Kings birthday long weekend.
- Final clearance rates were also solid, averaging 64.8% over the four weeks to June 29th, 20 basis points above the decade average of 64.6%.
- Over the week ending 29th June, the combined capitals recorded the highest final success rate since mid-March 2024 (68.0%), with 67.9% of the 2,044 auctions held reporting a positive result.
- We update the weekly auction clearance results here each week.
We're still experiencing a rental market crisis in Australia
- Rental growth continued to ease in the June quarter, with the national rental index recording its smallest Q2 increase (1.3%) since 2020.
- Over the year, national rents increased by 3.4%, which is less than half the 7.8% rise seen over the 2023-24 financial
year, but still 1.4 percentage points above the pre-COVID decade average of 2.0%.
- National gross rent yields remained steady at 3.7% in May for the 31st consecutive month, with yields across the combined capitals and combined regions also holding firm at 3.5% and 4.4%, respectively.
- However, with rental growth easing and the value growth trends gaining momentum, we could soon see yields tighten.
Dwelling approvals and housing credit
- Monthly dwelling approvals rose 3.2% in May, following the -12% decline from January to April and a 22.3% rise recorded over 12 months to January.
- The month-on-month increase was led by the unit segment, with approvals up 9.0%, while house approvals held relatively flat over the month (0.1%).
- While up 6.5% compared to this time last year, dwelling approvals remain 23.9% below the 20,000 a month required to meet the national housing accord targets.
Finance and Lending
- The volume and value of new home loan commitments fell in the March quarter, down -3.5% and -1.6%, respectively.
- Both owner-occupiers (-3.4%) and investors (-3.4%) drove the decline in quarterly loan volumes, while a more substantial fall in the value of loan commitments was seen in owner-occupier lending (-2.5%), compared with investors (-0.3%).
- The value of first home buyer financing fell -3.4% over the March quarter, driven by declines in SA (-6.1%), QLD (-2.1%) and WA (-0.9%).
- As a portion of new owner-occupier lending, first home buyer lending trended lower, comprising 29.0% in Q1 – the
lowest portion since the three months to December 2022 (27.6%). - Despite this, most states are still seeing first-home buyers as a portion of owner-occupier lending above historic decade averages.
Source of charts: CoreLogic Chart Pack, July 2025.
- Also read:This week’s Australian Property Market Update – Latest Data, State by State July 8th 2025
- Also read:Melbourne property market forecast for 2025 | Is it a good time to invest in Melbourne?
- Also read:Latest property price forecasts for 2026 revealed. What’s ahead in our housing markets in the next year or two?
- Also read:Brisbane Property Market Forecast [2026] – What’s Ahead & Where to Invest
- Also read:Sydney property market forecast for 2026. Is it a good time to invest in Sydney?
