Latest PropTrack Stats: The housing upswing has gained momentum and home prices have hit a new record high

Key takeaways

National home prices rose 0.6% in October, according to PropTrack, marking the tenth consecutive month of growth and keeping values at a record high.

National prices are up 7.5% over the past year, adding about $65,200 to the median home value (now $858,000). Prices are 51.0% higher than five years ago.

Capital city prices rose 0.6% in October and are up 7.4% year-on-year, with values at record highs.

Adelaide (+1.2%) and Brisbane (+0.9%) led monthly growth among the capitals. Sydney, Perth and Hobart each rose 0.6%, followed by Melbourne where prices rose 0.5%.

All capitals are at record highs except Hobart (–3.9% below peak) and Canberra (–1.0% below peak).

Over the past year, the strongest gainers are Darwin (+12.8%), Brisbane (+12.6%), and Perth (+11.8%), and in regional South Australia (+12.0%) and regional Queensland (+11.2%).

Regional prices climbed 0.6% in October and are up 7.9% year-on-year, continuing to outpace the capitals over the past year and five years (64.2% vs 47.0%), supported by relative affordability and lifestyle appeal. However, regional outperformance is narrowing as capital cities lead the current upswing.

National home prices rose 0.6% in October, extending the upswing to a tenth straight month and lifting values 7.5% higher than a year ago – the strongest annual pace since May 2024, according to PropTrack.

PropTrack data shows that the housing upswing has gained momentum and home prices have hit a new record high.

National home prices rose 0.6% in October, extending the upswing to a tenth straight month and lifting values 7.5% higher than a year ago.

Eleanor Creagh, Senior Economist at PropTrack said:

"The housing upswing has gained momentum this spring selling season and national annual growth has picked up by 2.1 percentage points since the start of 2025 to the strongest annual pace since May 2024.

Increased borrowing capacities, lower mortgage rates and improving sentiment are fuelling renewed competition, and national prices hit a new peak in October. However below the national headline the pattern of growth is shifting."

House and unit prices lift in October

The report also shows that nationally, house and unit prices are now rising at a similar pace – house prices lifted 0.6% in October, while unit prices nationally rose 0.7%.

National house prices have lifted 7.6% over the past year, while growth in unit values (7.2% year-on-year) has been comparable.

Key findings from the October 2025 Report:

• National home prices rose 0.6% in October, marking the tenth consecutive month of growth and keeping values at a record high.
• National prices are up 7.5% over the past year, adding about $65,200 to the median home value (now $858,000). Prices are 51.0% higher than five years ago.
• Capital city prices rose 0.6% in October and are up 7.4% year-on-year, with values at record highs.
• Adelaide (+1.2%) and Brisbane (+0.9%) led monthly growth among the capitals. Sydney, Perth and Hobart each rose 0.6%, followed by Melbourne where prices rose 0.5%.
• All capitals are at record highs except Hobart (–3.9% below peak) and Canberra (–1.0% below peak).
• Over the past year, the strongest gainers are Darwin (+12.8%), Brisbane (+12.6%), and Perth (+11.8%), and in regional South Australia (+12.0%) and regional Queensland (+11.2%).
• Regional prices climbed 0.6% in October and are up 7.9% year-on-year, continuing to outpace the capitals over the past year and five years (64.2% vs 47.0%), supported by relative affordability and lifestyle appeal. However, regional outperformance is narrowing as capital cities lead the current upswing.

Outlook

PropTrack reports that with interest rates moving lower this year, momentum in the housing market has strengthened, and national annual growth has picked up by 2.1 percentage points since the start of the year, marking a turnaround from the slower conditions observed in late 2024.

The report also highlights that the current upswing is a synchronised expansion, underpinned by lower rates and constrained supply, with a broad-based lift in prices across the country.

Ms Creagh notes:

"Stretched affordability remains a brake on the pace of growth, which has accelerated but is far beneath the 20–30% surges that defined previous booms.

Looking ahead, this year’s series of rate cuts, population inflows and the expanded Home Guarantee Scheme will continue to bolster demand.

With stock on market constrained and new supply challenged, conditions remain tilted toward sellers.

The market appears set for further gains through spring and into summer, with leadership continuing to rotate as momentum shifts to previous laggards."

About Brett Warren Brett Warren is National Director of Metropole Properties and uses his two decades of property investment experience to advise clients how to grow, protect and pass on their wealth through strategic property advice.