September '25 Update
Australian monthly price index
Published 01/09/25 · Past updates ↰
/// EXPERIMENTAL ///
This is a new index model, we are still fully evaluating the results
Suggested reading: Our Core Index Set, The Distribution Model, The Geometric Mean for Property Price Indices
Model inputs are supplied under licence
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How do regional centres compare to their state capitals?
Is the Sunshine Coast more expensive than Brisbane? Is Dubbo growing faster than Sydney?
To explore these kinds of questions, the chart below shows price ratios (how expensive each regional centre is compared to its capital) and growth differences (how much faster or slower they're growing than the capital over the past 3 years).
Regional centres on the right are more expensive than their capitals. Those above the middle line are growing faster than their capitals.
Note: Some urban areas straddle state borders and so will appear twice in this analysis. Albury - Wodonga, for example, is compared to both Sydney and Melbourne as it straddles NSW and VIC.
Capital Cities Overview
The capital cities continue to show consistent positive movement for both house and unit markets. Perth has seen the most sustained growth over the past 12 months. House prices in Perth, Brisbane, and Adelaide have all nearly doubled in the past 5 years.
There has been some notable reshuffling in the price hierarchy among the capital cities. Brisbane house prices are now higher than Melbourne. This change is mainly because Melbourne's growth has been flat compared to other cities. For units, Brisbane has risen from fourth place to second.
Regional Centres
Year-on-year growth for all of our key regional indices is currently positive. WA is showing the strongest growth on a five-year basis for both houses and units (Bunbury and Busselton). The Gold Coast and Sunshine Coast maintain their position as the highest-value regional centres for both houses and units.
Capital City SA4s
The fastest growth in the past five years has been in North Adelaide, closely followed by South East and South West Perth.
On a five-year basis for houses, all regions in Sydney have grown faster than all of Melbourne. This hasn't been the case for units though; outer Melbourne is growing faster than inner Melbourne as well as both inner and outer Sydney. Inner Melbourne units are the lowest growth metro SA4 over the past five years.