Key takeaways
Capital city house prices rose 1.3% over the November quarter, now up 9.1% year-on-year.
Unit prices also lifted 0.9% for the quarter and have now risen 10 consecutive months, sitting 7.3% higher than a year ago.
Momentum remains broad-based across the capitals, confirming the strength of the 2025 housing upswing.
The RBA cuts in February, May and August have directly boosted borrowing capacity, buyer sentiment, and seller activity.
This tailwind is expected to continue driving price growth through 2025, even though no further cuts are likely due to sticky inflation and a strong labour market.
National home prices are expected to outperform the previous two years, supported by: lower interest rates, a robust economy with low unemployment, rising buyer confidence, and low construction levels
Growth is projected to exceed 10% in Brisbane, Adelaide and Perth across both houses and units.
Sydney should deliver “solid to strong” growth, while Melbourne’s recovery looks decisively underway.
Home prices have continued to surge through spring with most capitals recording strong prices growth for both houses and units.
The national capital city median house price surged by 1.3% over the November quarter to $1,270,561 compared to the October quarter, according to the latest data from My Housing Market.
Annual national house prices are now higher by 9.1% and have now increased over nine consecutive months.
All capitals again reported house price increases over November with Perth and Hobart yet again the top performers each higher by 2.7% and 2.6% respectively followed by Brisbane up 1.8%, Adelaide higher by 1.6%, Darwin up 1.5% Melbourne higher by 1.0%, Sydney up 0.9% and Canberra higher by 0.3%.
Darwin, Brisbane Perth and Adelaide have reported the highest house price increases over the past year - higher by 18.9%, 13.7%, 13.3% and 10.7% respectively.
Quarterly Median House Prices November 2025
| Median | Month | This Year | 1 Year | 2 Year | |
| Sydney | $1,778,570 | 0.9% | 7.9% | 7.4% | 13.3% |
| Melbourne | $1,124,479 | 1.0% | 7.7% | 7.0% | 5.7% |
| Brisbane | $1,144,507 | 1.8% | 13.6% | 13.7% | 31.5% |
| Adelaide | $1,081,387 | 1.6% | 12.4% | 10.7% | 26.8% |
| Perth | $1,088,515 | 2.7% | 11.5% | 13.3% | 40.7% |
| Hobart | $737,420 | 2.6% | 9.8% | 8.4% | 6.4% |
| Darwin | $759,746 | 1.5% | 24.6% | 18.9% | 18.2% |
| Canberra | $1,016,319 | 0.3% | 7.4% | 5.1% | 5.4% |
| National | $1,270,561 | 1.3% | 9.5% | 9.1% | 16.9% |
Apartment / Unit Market Update
National unit prices were also higher again over the November quarter and for the tenth consecutive month, rising by 0.9% to $710,871 to remain 7.3% higher than the November quarter 2024 result.
Volatile Darwin was the top monthly performer with unit prices rising over November by 7.5% followed by Hobart up 2.3%, Brisbane up 2.1%, Perth higher by 1.0%, Melbourne up by 0.8%, Sydney higher by 0.7% and Adelaide up 0.4%. Canberra unit prices were lower by 1.9% over the month.
Quarterly Median Unit Prices November 2025
| Median | Month | This Year | 1 Year | 2 Year | |
| Sydney | $812,449 | 0.7% | 5.5% | 4.4% | 8.6% |
| Melbourne | $600,011 | 0.8% | 9.2% | 6.1% | 5.1% |
| Brisbane | $690,985 | 2.1% | 17.9% | 21.1% | 52.3% |
| Adelaide | $601,543 | 0.4% | 13.4% | 15.0% | 37.6% |
| Perth | $589,756 | 1.0% | 16.1% | 17.0% | 44.8% |
| Hobart | $548,895 | 2.3% | -0.9% | 10.4% | 4.3% |
| Darwin | $426,193 | 7.5% | 20.6% | 18.7% | 20.6% |
| Canberra | $495,232 | -1.9% | -0.7% | -0.7% | -5.4% |
| National | $710,871 | 0.9% | 8.2% | 7.3% | 13.3% |
Brisbane, Darwin, Perth and Adelaide have recorded clearly the highest annual unit price growth over the year ending the November quarter 2025 up by 21.2%, 18.7%, 17.0% and 15.0% respectively.
Comment
Capital city home prices have concluded spring with more strong results generally over November, although marginally lower than reported over the previous October quarter.
RBA reductions of official interest rates in February, May and August significantly improved housing affordability and enhanced buyer and seller confidence in chronically undersupplied housing markets.
House prices increased in all capitals over November with Adelaide and Brisbane yet again the top performers of the major cities, with prices in a clearly revived Melbourne continuing to rise solidly.
Unit price growth also again remained positive over November with annual results in Brisbane, Perth and Adelaide continuing to clearly lead the capitals, and adding to extraordinary price increases in those cities over the past 2 years.
The remainder of 2025 is set to continue to produce prices growth for most capital city housing markets, fuelled by improved affordability and rising confidence generated by lower interest rates.
Prices growth in Brisbane, Adelaide and Perth is set to again lead capital city outcomes and likely clearly exceed 10% annually for both houses and units.
Sydney will to continue to report solid to strong results, with the Melbourne market clearly on the move with 2025 prices growth likely to markedly exceed 2024 results for both houses and units.
Underlying drivers continue to support housing market activity generally, although the August RBA rate cut is now unlikely to be followed by another in 2025 reflecting rising inflation and a resilient labour market.
The national economy remains robust with jobless rates still relatively low and participation rates high – and enhanced by recent interest rate cuts.
Although high post-COVID migration levels have eased recently, numbers remain robust and will add to chronic housing undersupply supporting high rents and low vacancy rates generally in capital city rental markets.
Following a period of easing rental growth, the latest data is reporting still-low home rental vacancy rates overall with higher rents set 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 increase demand and act to place more upward pressure on prices.
Capital city housing markets generally recorded higher house and unit prices over 2023 and 2024, and have continued to mostly over November supported by the increased buyer and seller energy of the typically robust spring selling season.
National home prices are set to record strong growth over 2025 exceeding the results of the previous two years and bolstered by lower interest rates, a continuing strong economy and chronic low levels of new home construction.
- Also read:November Reports More Strong Home Price Growth | Latest stats from Dr. Andrew Wilson
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- 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
