New highs in median house prices were recorded in Sydney, Adelaide and Perth. Sydney’s median now sits just $8,000 below $1.7 million, while Perth is on track to reach $1 million by late 2025. Melbourne posted its second consecutive quarter of gains, hinting at a potential recovery. In contrast, Brisbane saw a drop in house prices — its first decline in over two years.
The unit market delivered a mixed performance. Nationally, median unit prices dropped by $3,000 from the previous quarter’s high. Despite this, units in Sydney, Brisbane and Adelaide reached new peaks. Declines were reported in Melbourne, Perth, Canberra and Darwin, with Perth seeing its first fall in two years. Brisbane stood out, with unit values climbing for the 16th quarter in a row.
“While house prices are still rising nationally, the pace of growth has slowed to just one-third of what it was last year,” said Nicola Powell (pictured above), chief of research and economics at Domain.