According to the latest PIPA National Market Update, property markets across the country are showing strong signs of recovery, fueled by interest rate cuts, migration booms, and infrastructure investments.
PIPA Chair Lachlan Vider said Brisbane’s milestone caps off a resilient financial year for the city, driven by multiple factors working in its favour.
“Property markets across the country are showing signs of recovery, with interest rate cuts triggering renewed buyer momentum and investors targeting value-rich suburbs in Perth, Adelaide, and select regional hubs,” Mr Vidler said.
Brisbane’s median house price has surged by 6.2 per cent year-on-year, while the unit market saw an extraordinary increase of 11.8 per cent.
This growth has been supported by limited supply, strong migration, and rising investor demand.
Perth continues to stand out as one of the most compelling growth markets in Australia, with forecasts suggesting its median house price will exceed $1 million in 2026.
David McMillan, Director at Performance Property, highlighted the extreme supply shortage in Perth, with properties spending an average of just 11 days on the market.
“Over 50 per cent of Performance Property’s current deals are occurring off-market, indicating that the true supply shortage is even more acute than headline figures indicate,” Mr McMillan said.
Adelaide has also demonstrated remarkable stability and growth, with dwelling values rising 8.6 per cent over the past 12 months.
Unit values in the city surged by 18.5 per cent, reflecting increasing demand from buyers seeking affordability.
The Tasmanian market is showing signs of recovery after a period of stagnation.
Hobart has recorded a 13 per cent rise in sales activity in the latest quarter, now 18 per cent higher than the same time last year.
Meanwhile, the NSW market remains cautiously optimistic, buoyed by interest rate cuts and selective demand in Sydney and regional areas.
A-grade assets are performing well, while regional towns with infrastructure and lifestyle appeal continue to offer long-term investment potential.
Victoria’s property market is regaining confidence, especially in Melbourne’s outer suburbs and regional centres like Geelong.
Strong population growth, low vacancy rates, and improving affordability are driving renewed interest despite ongoing supply challenges.
Canberra’s market shows subdued but stabilising conditions, with slight value increases and cautious buyer activity following election uncertainty.
Rental conditions remain tight across most markets, with vacancy rates at critically low levels in many cities.
Perth’s vacancy rate sits at just 0.7 per cent, while Adelaide reports the same figure, among the lowest in the country.
Joanna Boyd, Director at Joanna Boyd Buyers Advocate, emphasised the ongoing pressure in Brisbane’s rental market.
“Rental markets remain tight due to a combination of low vacancy rates, strong population growth, and ongoing constraints in new housing supply. This mismatch between supply and demand means rental pressures are unlikely to ease in the near future,” Ms Boyd said.
Looking ahead, experts anticipate further growth across most markets, supported by anticipated interest rate cuts, continued population growth, and persistent supply shortages.
“The city will also continue to benefit from infrastructure investment and the long-term pipeline associated with the 2032 Olympic Games. While some moderation may occur if interest rates fall further or supply improves, the city’s core fundamentals remain strong,” Ms Boyd said.
