National housing values rose 1.0% in November, marking the third consecutive month of 1% or more growth, though the pace is moderating from 1.1% in October. Annual growth reached 7.5%, with Perth (2.4%) leading monthly gains while Sydney (0.5%) and Melbourne (0.3%) showed more modest increases. The divergence between mid-sized capitals and larger cities reflects affordability constraints in premium markets, with Perth adding roughly $5,000/week to median values.
| Capital City | Monthly Growth | Quarterly Growth | Annual Growth | Gross Yield | Median Value | Market Status |
|---|---|---|---|---|---|---|
| Sydney | +0.5% | +1.8% | +5.1% | 3.0% | $1,269,659 | Record High |
| Melbourne | +0.3% | +1.6% | +4.2% | 3.6% | $823,495 | 0.9% below peak |
| Brisbane | +1.9% | +5.5% | +12.8% | 3.4% | $1,015,767 | Record High |
| Adelaide | +1.9% | +4.4% | +8.2% | 3.5% | $891,004 | Record High |
| Perth | +2.4% | +7.4% | +13.1% | 3.9% | $914,229 | Record High |
| Hobart | +1.2% | +2.4% | +4.7% | 4.3% | $703,340 | 6.9% below peak |
| Darwin | +1.9% | +5.7% | +17.0% | 6.3% | $578,871 | Record High |
| Canberra | +1.0% | +2.2% | +4.2% | 4.0% | $891,626 | 2.4% below peak |
| Regional Market | Monthly Growth | Quarterly Growth | Annual Growth | Gross Yield | Market Characteristics |
|---|---|---|---|---|---|
| Regional NSW | +0.9% | +2.6% | +6.2% | 4.1% | Steady growth, coastal demand resilient |
| Regional Victoria | +0.8% | +2.1% | +5.1% | 4.2% | Recovery sustained, tree-change demand |
| Regional Queensland | +1.3% | +3.6% | +11.4% | 4.2% | Mining regions strong performer |
| Regional South Australia | +1.0% | +2.3% | +10.4% | 4.6% | Strong performance, wine regions attracting buyers |
| Regional Western Australia | +1.7% | +5.7% | +15.3% | 5.5% | Mining boom effects, highest annual growth |
| Regional Tasmania | +1.3% | +3.0% | +4.6% | 4.5% | Improving conditions, tourism recovery |
| Regional Northern Territory | - | - | - | 7.9% | Volatile conditions, high yields |
Growth Moderation Expected: With the third consecutive month of 1%+ growth but signs of moderation from October's 1.1%, housing values are expected to continue rising through 2026 but at a slower pace as affordability and serviceability factors create a ceiling on growth.
Geographic Divergence Persists: Mid-sized capitals, particularly Perth and Brisbane, expected to maintain outperformance driven by supply constraints and interstate migration. Sydney and Melbourne growth constrained by affordability barriers, with lower price points seeing fastest gains.
Supply Constraints Continue: Labor shortages and ongoing competition from public infrastructure limiting new construction, with builder profit margins remaining compressed especially in multi-unit sector. Construction costs stabilized but not falling.
Policy Impacts Mixed: Government first home buyer incentives supporting demand at lower price points, though this may only temporarily boost ownership without addressing long-term affordability. APRA's DTI lending limits expected to have marginal impact on overall market.
Data sourced from Cotality Home Value Index December 2025 • This report provides general market information and should not be considered as financial advice