Cotality has released its daily dwelling values index for 30 November, which measures value changes across the five major Australian capital city markets.
Over November, dwelling values increased by 1.0% at the 5-city aggregate level, with wide divergence between the individual capital city markets.
Melbourne (0.3%) and Sydney (0.5%) recorded relatively soft growth, whereas Brisbane (1.7%), Perth (2.4%) and Adelaide (1.9%) recorded explosive growth.
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The story was similar over the November quarter, with dwelling values rising by 3.1%. Again, Melbourne (1.6%) and Sydney (1.9%) recorded relatively soft growth, whereas Brisbane (4.7%), Perth (6.3%), and Adelaide (4.3%) rocketed.
Over the first eleven months of 2025, home values have risen by 7.3% at the 5-city aggregate level. Brisbane (11.4%) and Perth (12.1%) have recorded double-digit growth, followed by Adelaide (7.3%), Sydney (5.7%), and Melbourne (4.6%).
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The next chart plots dwelling values across the major capital cities on a rolling 28-day basis. The chart clearly illustrates the divergence between Sydney and Melbourne and the other major markets.
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The sharp decline in Sydney’s and Melbourne’s growth has pulled the 5-city aggregate lower.
The auction market, where the preliminary clearance rate has fallen into the mid-to-high 60s, matches the decline in Sydney and Melbourne value growth.
Source: Cotality
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The Reserve Bank’s decision to keep interest rates on hold, likely for an extended period, has knocked some FOMO out of the market.