NAB Economics and Markets Research has launched a new monthly Housing Monitor, a chart-based overview of key data relevant for residential property.
It brings together a comprehensive set of indicators across the residential housing market – including prices, population trends, lending activity, and construction dynamics.
NAB Housing Monitor, January 2025 - Key Points
Dwelling prices across the combined capitals rose 8.2% over 2025. In December, prices rose 0.5% mom, even as Sydney and Melbourne slowed.
Price growth has been strongest in Perth, Brisbane and Adelaide, and prices outside the capitals have modestly outperformed the combined capitals.
Homes are selling quickly, with median days on market at 28.
The rental market is tight. Advertised rents rose 5.9% on a 6-month annualised basis in December and vacancy rates are near record lows around at 1.6%. This is despite some cooling in population growth.
New loan commitments for housing are 13% ($11.5bn) higher over the year to Q3, led by investors, while variable mortgage rates have fallen ~80bps since early 2024.
Supply growth remains weak, with net additions to the dwelling stock well below the 2015 peak. Rising approvals are flowing into an already large pipeline, keeping the number of dwellings under construction high.
Input cost pressures have eased although remain at elevated levels, and labour constraints continue to limit construction capacity.
Business confidence fell in July after rising for three consecutive months as uncertainty around the Middle East conflict and oil prices have continued to weigh on the outlook. Meanwhile, conditions rose in July, driven by modest improvements in profitability and employment.
