As we move into the last month of the year, the housing market is setting up for a relatively weak start to 2025.

Our national home value index rose by just 0.1% in November, the smallest monthly rise Australia-wide since January 2023. This marks the 22nd straight month of growth, but if the easing trend continues, it could be close to the last month of growth in this cycle.

The downturn is gathering momentum in Melbourne and Sydney, where negative movements in values will weigh on the national index due to their size.  On a rolling quarterly basis, we are now seeing four of the eight capitals record a fall in values, led by Melbourne and joined by Darwin, Sydney and Canberra.

The mid-sized capitals and most of the regional ‘rest of state’ markets continue to provide some support for growth in the national index, but it is clear momentum is also leaving these markets.

For example, Perth’s pace of capital gain continues to lead the nation, with values up 1.1% over the month and 3.0% higher over the rolling quarter, however this was the softest rise over a rolling three-month period since April 2023 and is less than half the rate of growth recorded through the June quarter at 6.7%.

Read the full transcript here  or watch the capital city updates below for the latest news:

State-based housing updates:

NSW

VIC

QLD

WA

SA

TAS

NT

ACT