National property listings fell sharply in November as the spring selling season wound down, but SQM Research data shows buyers are still clearing older stock and pushing prices higher – a combination mortgage brokers will need to factor into 2026 borrowing conversations.
Total residential listings dropped 5.4% month‑on‑month to 238,824 dwellings, and are now 12.4% lower than a year ago, highlighting a notable contraction in available stock through 2025.
Meanwhile, credit demand is rising, Help to Buy is launching, prices sit at record highs, and APRA’s new high‑DTI cap is approaching – keeping demand firm even as credit conditions tighten heading into 2026.
Nationally, total listings declined 5.4% in November to 238,824. Compared to November 2024, stock is down 12.4%.
Sydney listings fell 8.6% to 33,883, 8.3% lower year‑on‑year, as many vendors withdrew unsold properties ahead of the holiday period. Melbourne also saw a reduction, down 4.7% month‑on‑month and 8.2% annually.
Brisbane recorded the steepest fall – down 9.2% for the month and 22.4% below last year – while Perth and Adelaide experienced moderate declines (6.2% and 3.2% respectively). Canberra fell 3.7%.
Darwin and Hobart had smaller pullbacks (‑10.9% and ‑1.6%), but remain among the weakest performers in annual terms, with Darwin down 37.3% year‑on‑year.
New stock entering the market contracted significantly, falling 11.3% month‑on‑month to 78,029 listings, marking the seasonal end of the spring campaign period. New listings remain 5% below November 2024, underlining subdued vendor participation relative to last year.
By city:
• Sydney new listings: –19.2% m/m
• Melbourne: –10.6% m/m
• Brisbane: –15.2% m/m
• Perth: –1.5% m/m
• Adelaide: –9.3% m/m
• Canberra: –14.2% m/m
• Darwin: –8.9% m/m (after strong October gains)
• Hobart: +3.6% m/m – the only capital to post a rise
Even as fewer new properties hit the market, existing inventory continues to turn over.
Older stock (180+ days) decreased 7.9% in November to 66,633 listings. Year‑on‑year, old listings are down 10.1%, indicating fewer stale properties remain on the market than in 2024.
By capital:
• Sydney: older listings –4.1% m/m
• Melbourne: –4.6%
• Brisbane: –6.5%
• Perth: –20.9%
• Adelaide: –11.5%
• Canberra: –12.2%
• Hobart: –4.2%
• Darwin: –19.1%, and 64.2% below last year
Financially distressed property listings also edged lower, falling 2.2% month‑on‑month to 3,687 dwellings, and are now 32.3% lower year‑on‑year.
By state:
• Queensland: –11.0% m/m
• Western Australia: –5.4% m/m
• New South Wales: +3.1% m/m
• Victoria: +3.9% m/m
• ACT: –17.1% m/m
• Northern Territory: –2.5% m/m
Year‑on‑year, distressed listings are dramatically lower across all jurisdictions, with Western Australia down 55.2% and Queensland down 39.2%.
SQM Research’s Weekly Asking Prices Index (week ending 25 November 2025) shows continued upward momentum in asking prices despite tighter supply.
Nationally:
• House asking prices: +1.0% m/m
• Unit asking prices: +1.6% m/m
• Combined dwellings: +1.4% m/m and +11.4% y/y
By capital:
• Sydney
o House asking prices: +1.4% m/m to $2.13 million, +9.1% y/y
o Units: +0.9% m/m, +6.3% y/y
• Melbourne
o Combined dwelling prices: +0.5% m/m, +5.2% y/y
• Brisbane
o House asking prices: +3.4% m/m, +15.7% y/y
o Units: +3.1% m/m, +21.5% y/y
• Perth
o Houses: +0.8% m/m, +9.2% y/y
o Units: +2.9% m/m, +19.5% y/y
• Adelaide
o Houses: +3.4% m/m, +15.6% y/y
o Units: +21.9% y/y
• Canberra
o Combined prices: –0.3% m/m, +4.0% y/y
• Darwin
o Units: +2.0% m/m, +17.2% y/y
o Houses: +1.0% m/m, +12.7% y/y
• Hobart
o Houses: –2.2% m/m, +7.7% y/y
o Units: +3.0% m/m, +4.4% y/y
SQM Research managing director Louis Christopher (pictured) said the November listings decline is seasonal, but the year‑on‑year shortfall is more concerning.
“November’s drop in listings is entirely consistent with the seasonal slowdown we see post-spring. What’s more concerning is the large year-on-year deficit in stock, with listings down 12% compared to 2024,” Christopher said.
“Even with fewer new listings, the substantial fall in older listings tells us that buyers remain active, particularly in markets like Brisbane and Perth where demand continues to outstrip supply.
“Asking prices are still rising, and the strongest growth is concentrated in Brisbane, Perth, and Adelaide. Unless we see a sustained uplift in listings early next year, these upward price pressures are likely to persist.”
For more property insights, head over to the SQM Research website.
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