-- A disparity between supply and demand has resulted in divergent home value trends in Australia over the past several years, Cotality said in a Friday report.
Between the first quarter of 2020 and the third quarter of 2025, the sharpest growth in home values was concentrated in states where population growth has significantly exceeded the rate of dwelling completions, Cotality said, pointing to Western Australia and Queensland as primary examples.
Western Australia experienced population growth of 17% since 2020 but only 10% of completions, while Queensland saw 25% population growth but less than 20% of completions. Home values in both states more than doubled over the period as this imbalance drove intense seller's markets in Brisbane and Perth, according to the analysis.
Cotality flagged South Australia as a notable outlier in the findings, as the state posted over 90% growth in home values over the five-year period despite completions remaining similar to population growth. Victoria, meanwhile, represented the largest share of home completions in the period, at roughly 33% of the total, to outpace its share of population growth.
"Regional markets have been more resilient to a slowdown in value growth, likely supported by regional migration trends and affordability," Cotality said.
The report noted that Australia's residential real estate total market value increased to AU$12.6 trillion in March, and national dwelling values ticked 2.1% higher over the March quarter.