Australia’s residential property market saw a sharp seasonal slowdown in June 2025, with national listings, new stock, and older inventory all declining as winter set in.
According to SQM Research, total listings fell by 8.8% month-on-month to 234,067, while new listings dropped 9.1% to 62,769.
Despite this monthly dip, total listings remain 1% higher than June 2024 – signalling a slight easing of tight market conditions over the longer term.
“National listings were down last month as the seasonal lull of winter takes hold on the housing market,” said SQM Research managing director Louis Christopher (pictured).
“There is nothing unusual about this drop and we can expect July to also be a month of lower listings activity. The flipside to this is that winter is generally a period where it is a good time to sell as buyers are still out in the marketplace yet there is less competition between sellers.”
Sydney and Melbourne experienced the sharpest monthly declines in total stock, down 10.3% and 12% respectively. However, Sydney’s stock levels remain 6.7% higher year-on-year, pointing to some cumulative growth in supply.
Brisbane’s listings fell 7.3% in June and are now 3.5% lower annually, highlighting continued tightening in Queensland’s capital. Perth, despite a 9.7% monthly drop, leads the nation in annual supply growth, up 23.5%.
Canberra (+17.5%), Adelaide (+13.3%), and Hobart (+5.1%) also saw double-digit annual increases, while Darwin bucked the national trend with a 32.7% year-on-year decline in total stock – highlighting an ongoing contraction in supply.
New listings fell 9.1% month-on-month and 3.7% year-on-year, totalling 62,769 in June.
Sydney and Melbourne posted the steepest monthly declines, down 14.2% and 18.8% respectively. Compared to June 2024, Sydney was 3.8% lower, while Melbourne remained nearly flat with a 0.2% dip.
Perth defied the national trend with a 17.8% annual increase in new listings, while Adelaide posted a 6.7% rise year-on-year – despite monthly declines of 8.2% and 7% respectively.
Darwin and Hobart recorded monthly gains of 14.0% and 7.5%, though both cities remain down annually. Brisbane and Canberra saw more moderate monthly declines of 3.3% and 14.7%, also tracking lower than a year ago.
Properties on the market for more than 180 days – known as “old listings” – fell 7% in June to 77,018. However, compared to June 2024, old stock is up 13.1%, signalling lingering challenges in clearing stale inventory.
Sydney and Melbourne both saw monthly declines in old listings, down 9.9% and 7.3% respectively. But on an annual basis, old stock surged 29.8% in Sydney and 17.9% in Melbourne.
Canberra experienced the sharpest year-on-year jump at 65.6%, while Darwin posted a significant 49.1% annual decline, reflecting improved clearance of long-standing stock. Brisbane’s older listings fell 12.6% in June and are down 7.5% year-on-year.
Adelaide was the only capital to record a month-on-month increase in old listings (+1.0%).
Distressed property listings fell 1.1% in June to 4,543 nationally. Compared to June 2024, the total is down 11.1%, suggesting reduced urgency among financially pressured sellers.
New South Wales and Queensland had the highest volumes of distressed listings. NSW saw a monthly decline of 0.7% and is down 13.9% year-on-year, while Queensland rose 2.0% over the month but remains 16% lower annually.
Western Australia continues to show the largest improvement, with distressed listings down 6.6% in June and 23.4% year-on-year. The Northern Territory followed with a 17.6% annual decline. Conversely, Victoria saw a 1% monthly decline but a 4.6% annual increase, indicating isolated financial stress.
National asking prices rose 0.5% over the four weeks to July 1 and are now up 9.0% year-on-year. Houses continued to outperform units, with several mid-sized capitals showing strong momentum.
For more property insights, visit the SQM Research website. To compare the latest figures with the previous month’s, click here.
