The national median house price reached $990,000 in February, with units sitting at $750 ,000. Both house and unit prices have more than doubled since 2016, with the current upswing now surpassing the pandemic-era peak that briefly stalled in 2022 and 2023. House prices in 2016 sat at $486,000 and units at $481,000; the gap between the two was negligible. Today, houses command a $232,000 premium over units nationally, a spread that has widened considerably as affordability constraints have pushed more buyers toward the unit market in recent years.
The current trajectory continues to grind higher despite the rate rises seen in early 2025. Monthly growth is modest at 0.3 per cent for houses and units nationally in February, but the consistency of that movement month after month has delivered annual growth of 13.7 per cent for houses and 9.9 per cent for units. With the Reserve Bank having delivered several cuts through 2025 - before the latest uptick - conditions remain broadly supportive of further price growth, though the pace is unlikely to replicate the sharp acceleration seen in 2021 and early 2022.
The national median house price reached $990,000 in February, up 0.3 per cent over the month and 13.7 per cent above the same time last year, the strongest annual rate of growth recorded since mid-2022. Darwin recorded 0.2 per cent in monthly gains, however continues to outperform annually at 20.5 per cent, while Perth at $1 million is up 19.9 per cent for the year and Brisbane at $1.17 million has risen 18.2 per cent. Adelaide ($980,000, up 15.1 per cent annually) and the Gold Coast ($1.47 million, up 16.9 per cent annually) also remain in strong territory. At the other end, Melbourne ($960,000) recorded just 0.1 per cent monthly growth and 7.5 per cent annual growth. While this is still solid by historical standards, it’s the weakest performer among the major capitals. Sydney at $1.77 million has recovered to 9.3 per cent annual growth.
Major city units averaged $760,000 in February, up 0.2 per cent for the month and 9.3 per cent over the year. Perth remains the standout for annual unit growth at 21.6 per cent with a median of $700,000, while Brisbane units at $810,000 are up 17.1 per cent and Adelaide at $680,000 has posted 14.8 per cent annual gains. The Gold Coast and Sunshine Coast both sit at $930,000 with annual growth of 14.1 per cent and 12.2 per cent respectively, reflecting the continued appeal
of coastal lifestyle markets. Monthly movements were minimal across most cities, a tenth of a per cent in Sydney, Canberra and Hobart, while Melbourne units recorded zero monthly movement, consistent with the broader softness seen in that city’s housing market. The unit market continues to benefit from affordabilitydriven demand and remains a key entry point for first home buyers.
Regional house prices nationally averaged $760,000, up 0.4 per cent for the month and 13.3 per cent for the year. Regional Western Australia ($700,000, up 20.2 per cent annually) and regional South Australia ($550,000, up 18.1 per cent annually) are again the top performers, while regional Queensland ($840,000, up 17.1 per cent annually) maintains strong momentum. Regional New South Wales, sitting at $850,000, has now recorded 10.5 per cent annual growth, and regional Victoria, sitting at $630,000, is up 8.9 per cent, an improvement from the more subdued conditions seen earlier in the cycle. Monthly gains are modest across all regions - between 0.2 and 0.6 per cent - consistent with a market that is advancing steadily. Regional Tasmania, at $600,000, has accelerated to 11.3 per cent annual growth, recovering from a period of relatively flat performance.
The regional unit median sits at $710,000, up 0.4 per cent over the month and 11.6 per cent for the year.
Regional Western Australia ($530,000) and regional South Australia ($390,000) again lead annual growth at 20.5 per cent and 17.6 per cent respectively, mirroring the strength seen in their metropolitan housing markets. Regional Queensland at $810,000 has risen 14.6 per cent over the year, while regional Tasmania at $470,000 and regional New South Wales at $690,000 recorded 7.8 and 7.4 per cent annual gains. Monthly movements were marginal across all regions, ranging from 0.1 to 0.8 per cent. The regional unit market broadly continues to benefit from spillover demand from coastal and lifestyle areas, as well as buyers seeking comparative value relative to capital city pricing.
House rents nationally have undergone a dramatic shift over the past decade, with the steepest acceleration arriving from 2022 as vacancy rates tightened sharply and net overseas migration surged. The national median across all house types now sits at $650 per week, up from $399 in 2016. Larger homes have seen the most significant gains, with five-plus bedroom houses reaching $950 per week from just $260 a decade ago. Growth has moderated since late 2024 across most configurations, though rents remain well above the levels that prevailed before the post-pandemic tightening cycle.
Unit rents have followed a similar pattern to houses, with the period from 2022 to 2023 representing the sharpest step-change across all bedroom types. The national median for all units sits at $625 per week, compared to around $380 a decade ago. Larger configurations have seen the greatest proportional growth, with five-plus bedroom units now commanding $995 per week, up from $585 in 2016. As with houses, the pace of growth has eased more recently, with most bedroom categories showing a flatter trajectory through 2025 and into early 2026.
The national median weekly house rent sits at $650 per week, unchanged over the month but 4.8 per cent above a year ago. The 10-year trend chart shows the pace of annual rent growth has eased materially from the sharp rises recorded in 2022 and 2023, though rents continue to move higher in absolute terms. The Gold Coast leads monthly growth at 2.2 per cent and sits at $950 per week, with annual growth of 8.6 per cent.
Sydney rose 1.2 per cent over the month to $810, while most other cities recorded no monthly movement. Melbourne is the only capital showing an annual decline in house rents, down 0.9 per cent to $575 per week, reflecting the impact of higher vacancy rates in that market relative to peers. Hobart ($600, up 7.1 per cent annually) and the Sunshine Coast ($800, up 5.3 per cent annually) continue to record above-average annual growth.
The national median weekly unit rent reached $625 per week, up 0.8 per cent over the month and 4.2 per cent for the year. Adelaide leads annual growth at 10.0 per cent with a median of $550, followed by Perth at $650 (up 8.3 per cent) and Brisbane at $625 (up 7.8 per cent). The Gold Coast and Sunshine Coast are recording monthly rent increases of 1.3 and 1.5 per cent respectively, suggesting continued demand pressure in those lifestyle markets. Melbourne and Sydney unit rents are more subdued on an annual basis at 3.6 and 4.3 per cent, though both remain at or near historic highs in absolute terms at $580 and $730 per week respectively.
The national median regional house rent sits at $650 per week, unchanged over the month and up 4.8 per cent for the year. Regional Queensland leads monthly growth at 2.3 per cent, with its median now at $675, representing annual growth of 7.1 per cent. Regional Tasmania, at $480, recorded 6.7 per cent annual growth despite flat monthly movement, while regional New South Wales at $625 has risen 5.9 per cent over the year. Regional Victoria ($500, up 4.2 per cent annually) and regional Western Australia ($650, up 3.2 per cent annually) show more measured growth, with Western Australia’s annual figure the most subdued across all regional areas. The broadly flat monthly outcomes across most regions suggest house rent growth is stabilising after the strong run of recent years, though the annual figures confirm rents are still outpacing wages growth in most areas.
Regional unit rents nationally average $625 per week, up 0.8 per cent over the month and 4.2 per cent for the year. Regional Queensland leads both volume and annual growth at $640 per week, up 6.7 per cent over 12 months. Regional Northern Territory ($450, up 7.1 per cent annually) and regional Tasmania ($420, up 6.3 per cent annually) are also performing strongly on an annual basis. Monthly movements were largely flat across most regions, with regional Northern Territory up 2.3 per cent and regional Tasmania up 1.2 per cent
the only meaningful moves. Regional South Australia, at $320, has the lowest median of any area but still recorded 4.9 per cent annual growth, suggesting that even the most affordable rental markets continue to tighten incrementally. As with the house rental data, the moderation in monthly movements is a signal that the most aggressive phase of regional rent inflation has passed, even if the annual comparisons remain elevated.
The 12-month rolling national sales count sits at 532,000 transactions as of November 2025, holding steady after a meaningful recovery from the trough of around 472,000 reached in early 2024. The longer-term picture shows the market operating well below the pandemic-era peak of over 610,000 in 2022, but the trajectory since mid-2024 has been consistently upward. With sales data subject to a reporting lag and the most recent three months still subject to revision, the current read likely understates the full picture heading into early 2026.
Total rolling sales across major cities reached 362,000 as of November 2025, up just 0.2 per cent annually with monthly movement effectively flat. Darwin stands out with 76.1 per cent annual growth in transaction volumes, albeit from a very small base of 3,000 sales. Melbourne recorded 9.1 per cent annual growth with 102,000 transactions, the strongest result among the larger capitals. Sydney at 91,000 and Brisbane at 56,000 are both tracking below year-ago levels, down 3.5 and 4.1 per cent respectively, while Perth has declined 7.5 per cent and Hobart was down 12.4 per cent. The picture across most cities reflects a market where strong price growth is being driven by competition for a constrained pool of available stock, rather than a broad lift in transaction activity.
Regional sales volumes totalled 187,300 over the 12 months to November 2025, up 3.4 per cent annually but essentially flat over the month. Regional Victoria has seen a standout 24.0 per cent annual increase in transaction volumes to 32,500, while regional Northern Territory recorded 66.8 per cent growth off a very small base of 562 sales. Regional New South Wales at 60,600 and regional Queensland at 69,800 remain the largest regional markets but both are tracking below year-ago levels, down 2.2 and unchanged respectively in annual terms. Regional Western Australia is down 8.2 per cent and regional Tasmania down 13.3 per cent, consistent with tight supply constraining the number of transactions that can complete in those markets despite continued price growth.
LISTINGS ACTIVITY
New residential listings across Australia reached 52,207 in February, a 26.5 per cent increase from the prior month and 5.7 per cent above the same time last year. The February lift is consistent with the seasonal return of vendors and buyers following the summer slowdown, with the national total now tracking above 2025 levels for the equivalent period. The chart shows the 2026 line pulling ahead of both 2024 and 2025 through January and February, a positive signal for supply and choice heading into autumn. While this is encouraging for buyers, the improvement in stock levels has not yet translated into a significant easing of competition, with demand remaining firm across most markets.
Melbourne and Sydney led the major cities in February, recording 12,378 and 9,552 new listings respectively, with Melbourne up a substantial 44.7 per cent over the month and 20.2 per cent above February last year. Sydney followed with a 35.9 per cent monthly increase and 13.7 per cent annual growth. Canberra also posted a strong 31.6 per cent monthly rise, now 17.5 per cent above year-ago levels.
On the other end of the spectrum, Perth listings remain 14.3 per cent below this time last year despite a 17.1 per cent monthly rebound, while Brisbane was down 8.7 per cent annually. Adelaide, Darwin and the Gold Coast all saw modest annual declines, pointing to continued tight supply conditions across those markets despite the seasonal uptick. Major cities combined recorded 36,961 new listings, up 28.2 per cent for the month and 6.1 per cent year-on-year.
Regional listings totalled 16,659 in February, up 18.6 per cent over the month and 3.0 per cent above the same period last year. Regional Victoria stood out, adding 3,803 new listings, up 36.1 per cent on the month and 19.0 per cent above February 2025, the strongest annual performance across all regional areas. Regional New South Wales and Queensland remain the largest regional markets by volume at 5,135 and 5,522 listings respectively, though Queensland continues to track below last year by 3.2 per cent, an ongoing pattern that reflects the strength of demand absorbing available stock. Regional Western Australia and Northern Territory both remain below yearago levels, consistent with the constrained supply story seen in their capital city counterparts.
Ray White listing authorities reached 7,840 in February, up from January’s 7,378 as vendors returned to market following the summer break. The February result is, however, tracking below both February 2025 (8,436) and February 2024 (8,669), continuing the pattern of softer year-on-year comparisons seen since the start of 2026. The gap to prior years points to more cautious vendor sentiment, with the Reserve Bank’s decision to raise rates in February likely giving some potential sellers reason to pause before committing their homes to market. As a forward-looking indicator of supply, authorities running below prior years suggest listing volumes may remain relatively constrained through the near term, a dynamic that, combined with softening buyer activity, is likely to keep price movements measured rather than sharp in either direction through the autumn months ahead.
Open home attendance averaged 3.4 people per inspection in February, down from January’s 4.2 and below both February 2025 (3.5) and February 2024 (4.0) results. January came in at 4.2, a solid start to the year but still short of January 2024’s 4.3. The softer February result may partly reflect a degree of buyer caution in the wake of renewed uncertainty around interest rate settings and broader global instability which has weighed on consumer confidence more recently. This is a new series for the report, sourced from NurtureCloud and reflecting Ray White open home activity only. How attendance tracks through March and April will be an important signal of whether that caution is temporary or begins to translate into softer demand more broadly.
AUCTION INSIGHTS
Registered bidder numbers averaged 3.8 per auction in February, with active bidders at 2.5. Both figures represent a pullback from January’s stronger readings, consistent with the Reserve Bank’s decision to raise interest rates in February, which typically reduces buyer capacity and tempers competitive tension at auction. The softening aligns with the broader caution visible in open home attendance this month, with global uncertainty adding to the headwinds facing buyer confidence.
Looking at the five-year chart, bidder activity has remained within a relatively narrow band since mid-2022, with registered bidders typically ranging between 3.5 and 4.5 and active bidders between 2.3 and 3.0. The current readings sit within that range, suggesting participation remains stable for now, though the impact of the rate rise may become more evident in the months ahead.
Ray White’s national auction clearance rate came in at 70.4 per cent in February, easing slightly from January’s 71.8 per cent but remaining well above February 2025’s 64.8 per cent. Compared to February 2024’s 71.2 per cent, the result is broadly in line, suggesting the market is performing at a similar level to two years ago despite the intervening rate cycle. The marginal monthly dip is consistent with the broader softening in buyer activity seen in open home attendance and bidder numbers this month, with the Reserve Bank’s decision to raise rates in February likely introducing some caution among buyers. That the clearance rate has held above 70 per cent despite that headwind is a reasonable reflection of ongoing demand meeting still-constrained supply across most markets.
Ray White unconditional sales reached $7.1 billion in February, a seasonal pullback from the near-$10 billion recorded in late 2025 but consistent with the typical summer slowdown pattern seen across prior years.
The 12-month average trend line, which smooths the considerable monthly volatility, sits at approximately $8.5 billion, the highest underlying level recorded in the 10-year series and well above the $6 billion average that prevailed before the pandemic boom.
The current monthly result, while lower than recent peaks, remains above the equivalent period in 2024 and 2025, suggesting the seasonal trough is occurring at a higher base than previous years. As the autumn selling season builds through March and April, sales values are expected to recover toward the levels established through much of 2025.
