Australia’s housing market is showing no signs of cooling, with property prices across the capital cities rising at their fastest rate in almost four years, according to Domain’s September Quarter House Price Report.
The report revealed that nearly every capital city recorded gains for both houses and units in the September quarter, with only Canberra’s unit market missing out.
Sydney, Brisbane, Adelaide and Perth all reached new record highs, while Melbourne, Hobart, Canberra and Darwin achieved their strongest results in years, signalling broad-based momentum across the country.
Sydney’s median house price climbed 3.4 per cent in the quarter, adding $58,148 to reach a record $1.75 million – the city’s biggest jump in more than two years.
Brisbane climbed 3.7 per cent to $1.1 million, overtaking Melbourne to become the second-most expensive city for house buyers.
Melbourne also posted its best result in nearly four years, rising 2.2 per cent to $1.083 million, while Adelaide’s steady growth continued with a 3.2 per cent lift to $1.05 million, the longest period of uninterrupted price increases in two decades.
Perth remains on track to join the million-dollar club, with its median price now at $981,259, up 1.6 per cent in the quarter. Domain expects it to break the $1 million mark before the end of 2025.
Affordability constraints are now pushing more buyers towards units, which outperformed houses in several cities including Brisbane, Adelaide, Perth and Darwin.
Adelaide’s unit prices jumped 5 per cent to $632,660, while Brisbane recorded its 18th straight quarter of growth, up 4.2 per cent to $715,451. Darwin led the country for unit gains, up 6.5 per cent to $388,504, its highest level in eight years.
Domain Chief of Research and Economics Dr Nicola Powell said the results reflected a mix of policy support, low supply and improved buyer sentiment.
“Three RBA rate cuts this year, rising consumer confidence, low levels of supply, and the strongest auction clearance rates in over two years are driving house and unit price growth across Australia’s capitals,” Dr Powell said.
“With the Australian Government’s 5% Home Guarantee now underway, we expect this momentum to accelerate further into the final quarter of the year, supporting both houses and units as buyers chase better value in a competitive market.”
