Adelaide Cracks $1 Million as Five Capital Cities Now in the Million-Dollar Club | Domain House Price Report

If you want to understand what's happening in our housing markets around Australia, Domain has just released its latest house price report. 

The report revealed that Australia’s property market continues to break records, with combined-capital house prices climbing for a ninth straight quarter.

Although most capitals are experiencing a slowdown in the pace of price gains, Sydney and Melbourne appear to be bucking the trend.

Both cities posted two consecutive quarters of house price increases, indicating a potential turning point.

With a record median house price of $1,000,202, Adelaide has become now the fifth capital city to break into the million-dollar club, alongside Sydney, Melbourne, Brisbane and Canberra.

Still, there are clear signs the heat is coming out of the market.

House prices are growing at their slowest pace in almost two years, and unit prices have slipped for the first time since 2022.

Here's a summary of the Domain report, and below are all the details you'll need to know.

Key report highlights:

• House prices have reached new highs in several capitals, with Sydney, Adelaide, and Perth leading the way. Sydney’s median house price is now just $8,000 shy of $1.7 million, while Perth is on track to hit $1 million by the end of
• Melbourne is showing signs of recovery, with house prices rising for the second consecutive.
• However, Brisbane experienced its first decline in house prices in more than two years.
• On the unit front, prices nationally fell by $3,000 from last quarter’s record
• Units in Sydney, Brisbane, and Adelaide are at record levels, while Melbourne, Perth, Canberra, and Darwin saw quarterly price declines, with Perth experiencing its first drop in two years.
• Brisbane continues to shine, with unit prices increasing for the 16th consecutive

National overview

Domain reports that while house prices are still rising nationally, the pace of growth has slowed to just one-third of what it was last year

Domain's Chief of Research and Economics, Dr Nicola Powell, said:

“Several factors are behind the slowdown — interest rate cuts are expected to be gradual, affordability remains a major barrier, and lending conditions are still tight.

On top of that, global uncertainty, including from the Trump administration’s economic and foreign policy stance, could influence the RBA’s next moves."

She further explained...

“With consumer sentiment at a six-month low, another strong price surge is unlikely until we see a real improvement in home loan affordability.

That said, it could be a window of opportunity for buyers, particularly with both major parties proposing new support for first home buyers ahead of the election.”

Domain forecasts that a gradual loosening of monetary policy, relief from rising living costs, growing household incomes, tight job markets and improved sentiment are expected to support the housing market.

However, multiple challenges are likely to offset these positive influences and keep price growth in check.

Domain suggests the rate-cutting cycle is expected to unfold slowly, housing remains prohibitively expensive for many, population gains have normalised, and cautious lending standards persist.

Additionally, uncertainty arising from the Trump administration’s economic and foreign policies may influence global markets and, in turn, the Reserve Bank of Australia’s decisions on the cash rate, further shaping how quickly housing values may rise.

We have already seen how quickly consumer sentiment has been impacted – it has dropped to a six-month low.

Domain concludes that until home loan serviceability improves significantly, it is difficult to envision housing markets transitioning into a pronounced growth trend.

The current median house price and changes

HOUSES | STRATIFIED MEDIAN PRICE
Capital City	Mar-25	Dec-24	Mar-24	Quarterly change	Annual change	Price peak achieved	Price from peak
Sydney	$1,691,731	$1,663,557	$1,626,551	1.7%	4.0%	Mar-25	0.0%
Melbourne	$1,035,887	$1,032,470	$1,050,043	0.3%	-1.3%	Dec-21	-5.2%
Brisbane	$1,022,026	$1,025,360	$940,145	-0.3%	8.7%	Dec-24	-0.3%
Adelaide	$1,000,202	$989,083	$892,399	1.1%	12.1%	Mar-25	0.0%
Canberra	$1,049,067	$1,062,586	$1,073,952	-1.3%	-2.3%	Jun-22	-10.6%
Perth	$917,706	$917,239	$804,167	0.1%	14.1%	Mar-25	0.0%
Hobart	$710,077	$710,077	$692,200	0.0%	2.6%	Mar-22	-6.9%
Darwin	$659,172	$643,739	-	2.4%	-	Dec-13	-2.9%
Combined capitals	$1,178,668	$1,169,950	$1,123,798	0.7%	4.9%	Mar-25	0.0%

The current median unit price and changes

UNITS | STRATIFIED MEDIAN PRICE
Capital City	Mar-25	Dec-24	Mar-24	Quarterly change	Annual change	Price peak achieved	Price from peak
Sydney	$823,467	$820,557	$808,617	0.4%	1.8%	Mar-25	0.0%
Melbourne	$550,022	$568,100	$570,765	-3.2%	-3.6%	Dec-21	-8.7%
Brisbane	$657,645	$644,390	$566,099	2.1%	16.2%	Mar-25	0.0%
Adelaide	$557,957	$557,450	$488,288	0.1%	14.3%	Mar-25	0.0%
Canberra	$531,784	$564,133	$594,621	-5.7%	-10.6%	Sep-23	-15.5%
Perth	$508,367	$513,074	$426,846	-0.9%	19.1%	Dec-24	-0.9%
Hobart	$555,609	$521,418	$551,171	6.6%	0.8%	Sep-22	-2.2%
Darwin	$352,441	$352,739	$365,479	-0.1%	-3.6%	Mar-16	-27.5%
Combined capitals	$670,205	$673,182	$649,222	-0.4%	3.2%	Dec-24	-0.4%

• Also read:Brisbane Property Market Forecast [2025] – What’s Ahead & Where to Invest
• Also read:Melbourne property market forecast for 2025 | Is it a good time to invest in Melbourne?
• Also read:Latest property price forecasts for 2025 revealed. What’s ahead in our housing markets in the next year or two?
• Also read:Perth housing market update [video] | April 2025
• Also read:Adelaide housing market update [video] | April 2025