November has continued to deliver solid home price growth across Australia, but the pace is starting to ease in some major markets. According to the latest PropTrack Home Price Index, the national median home price rose 0.5% in November, sitting 8.7% higher than a year ago.
Interest rate cuts earlier this year have boosted borrowing power and lowered mortgage repayments, while the expansion of the Home Guarantee Scheme, constrained housing supply, and ongoing population growth have all contributed to sustained price rises.
However, a recent jump in new property listings in Sydney and Melbourne has started to temper growth momentum. Sydney and Melbourne saw new listings rise 20.1% and 29.5% respectively in October, helping to slow monthly price gains to 0.4% and 0.2%. REA Group Senior Economist Eleanor Creagh says:
“Home prices continue to rise at a brisk pace, but we’ve seen easing in markets with a large uplift in stock for sale. Interest rate cuts, population growth, investor activity, and the expanded Home Guarantee Scheme are all supporting demand.”
Adelaide and Perth Lead the Charge
While Sydney and Melbourne see slightly slower growth, Adelaide posted the strongest monthly gains in November, up 0.9%, with a 12.2% increase year-on-year.
Perth followed closely at 0.89% monthly growth, while Brisbane (0.64%), Canberra (0.56%), Darwin (0.25%) and Hobart (0.16%) also saw modest gains. Regional markets generally outperformed capital cities, led by regional NSW (0.72%), followed by regional Queensland and rural Tasmania.
What’s Driving Home Price Growth?
Several factors are sustaining price growth across the country:
- Interest rate cuts earlier this year, boosting borrowing capacity
- Home Guarantee Scheme expansion supporting first-home buyers
- Low housing supply in most markets
- Population growth and strong regional migration
- Investor and upgrader activity, particularly in lifestyle and regional areas
The extended pause in interest rates and rising new listings in key cities are likely to temper the pace of growth going forward. While prices will continue to rise, momentum may moderate slightly in 2026.
Predicting the Market Isn’t the Key
With multiple factors influencing growth, interest rates, stock levels, population trends, and government incentives, trying to predict the next month’s price movement is risky.
Instead, focus on entering the market when you’re ready, with a structure and plan that suits your capacity. Over the long term, the property market historically rewards those who make informed, sustainable decisions rather than reacting to short-term fluctuations.
Looking Ahead
While November’s figures show a slight easing in major city growth, the broader trends supporting the market remain strong. Rising population, government incentives, and low, but gradually increasing stock levels mean home prices are still likely to climb. For buyers, the focus should be on long-term planning, choosing the right property for your needs, and making decisions that suit your financial capacity, rather than reacting to short-term market fluctuations. The property market rewards patience and strategy more than timing.
