Australia’s home prices climbed a further 0.5 per cent in November to a new national high, though the rate of growth moderated from October, according to the PropTrack Home Price Index November 2025.
Over the past year, prices have climbed 8.7 per cent, adding roughly $77,900 to the value of the median home, now sitting at $873,000. National values are also 51 per cent higher than they were five years ago.
Capital city markets rose 0.5 per cent in November and were 8.5 per cent higher year on year, with values at record highs across every city except Hobart, which remains 2.8 per cent below its peak.
Perth (+0.9 per cent), Adelaide (+0.9 per cent), Brisbane (+0.6 per cent) and Canberra (+0.6 per cent) led monthly growth among the capitals, though all cities recorded slower growth than in October.
In annual terms, Perth (+15.5 per cent), Darwin (+14.1 per cent), and Brisbane (+13.7 per cent) posted the strongest gains across the capitals. Regional markets continued to outperform, with prices up 0.6 per cent in November and 9.3 per cent higher over the year.
Regional values have risen 64 per cent over five years, compared with 47 per cent in the capitals, though the gap is narrowing as growth in city markets gains momentum.
“National home prices rose 0.5% in November and are now 8.7% higher than a year ago, the fastest annual growth since mid-2022,” REA Group Senior Economist and report author Eleanor Creagh said.
“Momentum has firmed throughout 2025, but stretched affordability means growth remains well below the 20-30% annual gains seen in past booms.
“Lower interest rates, increased borrowing capacities, and a recovery in sentiment have underpinned this year’s re-acceleration. Darwin, Hobart, Melbourne, Canberra and Sydney have recorded a strengthening in annual growth compared with late 2024.
“Meanwhile, Brisbane, Adelaide and Perth continue to record strong price rises, but growth is no longer accelerating relative to this time last year. In each of these capitals, unit growth is outperforming houses both quarterly and annually as buyers pivot toward more attainable options.”
She explained population inflows, a lift in investor activity, and the expanded Home Guarantee Scheme have reinforced demand, alongside this year’s series of interest rate cuts.
At the same time, total stock on market has been tight, and the delivery of new housing remains constrained, tilting conditions toward sellers and these factors point to further price gains through summer.
“However, monthly growth eased across the capitals from October’s stronger pace, and with interest rates now expected to remain on hold for an extended period, affordability constraints are likely to see price growth moderate throughout 2026.”
