Australian property prices continued their robust upward trend in October, with the national median house price increasing by 1.1% to $940,000. This marks the ninth consecutive month of gains, pushing annual growth to 10.6%, the first double-digit result since the pandemic boom. Unit prices experienced an even stronger monthly rise of 1.4%, reaching $710,000, with annual growth now at 9.2%.
This acceleration signifies a notable shift in market trajectory. The consistent monthly gains since February for houses and March for units reflect sustained buyer demand against constrained supply across most markets. The Reserve Bank’s decision to maintain the cash rate at 3.60% this month, following elevated inflation readings of 3.2% in the September quarter, suggests that price momentum is driven by resilient underlying demand pressures rather than solely by monetary policy.
The metropolitan unit market outperformed houses this month, with capital cities recording flat monthly growth but sustained annual appreciation of 7.5% to a mean of $720,000. Perth led with a substantial 1.6% monthly gain and 18.2% annual growth, bringing the mean to $650,000.
Adelaide and Brisbane both posted strong monthly increases of 1.5% and 1.3% respectively, translating to annual growth rates of 11.7% and 13.4%. Darwin’s 2.5% monthly rise pushed annual growth to 10.8% at $410,000, while the Gold Coast and Sunshine Coast recorded 1.1% and 1.2% monthly gains with annual growth of 9.8% and 8.7% respectively.
Hobart remained flat monthly but maintained 5.7% annual growth at $560,000. Sydney, Melbourne, and Canberra all recorded zero monthly growth, though Sydney maintains 4.8% annual appreciation at $870,000, Melbourne 3.3% at $630,000, and Canberra 3.2% at $640,000. The unit market continues to benefit from affordability constraints, which are directing buyers toward lower price points.
Average West End Sale Prices November 2025
1 bed apartment $615,000 up 21.8% yoy (Low $588,000 High $780,000)
2 bed apartment $895,000 up 15% yoy (Low $665,000 High $1,620,000)
3 bed apartment $1,572,500 down -0.6% yoy (Low $935,000 High $2,295,000)
House $1,900,000 up 12.3% yoy
REA 2/12/2025