Why 45% of Aussie Suburbs Are at Record Highs | Sunshine Coast Property Market Update
By Leigh Martinuzzi | Martinuzzi Property Group – eXp Australia
After weeks of speculation and a wave of expert predictions, the Reserve Bank of Australia decided to hold the cash rate steady at 3.85% in its most recent meeting. While over 90% of economists were forecasting another cut, I wasn’t so sure. And in hindsight, I think the RBA made the right call.
Here’s why.
We’ve already seen property prices trending upward this year, particularly following the February and May rate cuts. Any further easing could have added fuel to the fire. Housing affordability is already under immense pressure, and adding more stimulus right now would likely drive prices even higher — not necessarily helping the average Aussie trying to get into the market.
In a recent commentary by Michael Yardney, supported by insights from Chief Economist Dr Andrew Wilson, they shared similar thoughts — that the RBA’s pause was a cautious and sensible decision. Inflation is tracking well within the 2–3% target range, with underlying inflation sitting at 2.4%, and our labour market remains fairly strong. With cost of living still biting for many households and renters, there’s no urgent case to throw more fuel on the fire just yet. Personally, I agree with the strategy to wait and assess the next couple of months before making another move.
Prices Still Rising — And Record Highs in Nearly Half of All Suburbs
Despite the pause in rate cuts, housing values continue to climb. According to new figures from Cotality, almost 45% of all suburbs across Australia are now at record highs. That’s out of 3,722 suburbs analysed nationally — and it’s a number that’s still growing.
National housing values rose 1.4% in Q2, up from 0.9% in Q1. Over the 2024–25 financial year, values rose 3.4%, matching the growth seen in the previous 12-month period. With the quarterly growth rate picking up momentum, it seems the annual trend is now lifting off its low point — and we may well see stronger gains in the second half of the year.
Interestingly, the combined regions are still slightly outperforming the capitals on a quarterly basis (1.6% vs 1.4%), though the gap has narrowed. Among the capital cities, Darwin led the way in Q2 with values up 4.9%, followed by Perth (2.1%) and Brisbane (2.0%).
And here’s a big one: Cotality now values the national residential property market at $11.5 trillion. Let that one sink in.
Listings Still Low, Despite a Small Uptick
Even with some movement in listing activity through June, stock levels remain tight. Over the four weeks to June 29, only 33,159 new properties were listed nationally — the lowest new listing figure for this time of year since 2020.
We’re seeing this first-hand on the Sunshine Coast. Despite buyer demand, sellers — particularly those with good quality, well-presented homes — are holding off. It’s what some call a “seller strike,” and the flow-on effect is fewer options for buyers and more competition per listing.
Across the country, total stock on market is down 16.7% below the five-year average, and even though building approvals rose slightly in May, most of that increase was in apartments and townhouses. Detached housing approvals stayed flat — not what we need given the scale of population growth we’re experiencing.
Michael Matusik shared some key insights into land availability that support what we’re seeing here locally:
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WA currently has only 620 titled lots available for sale, against 11,200 lots sold last year — that’s less than three weeks of stock.
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South East Queensland sold 11,000 lots in 2024, yet only 1,800 are currently for sale across eight growth corridors.
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Even Sydney and Melbourne are grappling with shrinking supply despite shifts in demand.
It’s clear that availability of land and housing — especially in affordable price brackets — is a critical constraint.
Sunshine Coast Buyer Sentiment
Locally, buyer sentiment remains strong. We’re seeing solid demand in the sub-$1 million category, especially for well-presented and modernised properties. Buyers are still discerning though — they’re doing their homework and making sure the value stacks up before they put pen to paper.
Interestingly, national asking prices from vendors are up 9.7% year-on-year, which shows sellers remain confident. There’s still buyer appetite, particularly when listings are well-marketed — and that’s where professional digital campaigns can make all the difference.
On average, properties nationally are now taking 35 days to sell, a touch longer than previous quarters, but not a major shift.
Rental Market Update
Rental growth is slowing but only slightly. The June quarter saw a 1.3% national increase, the slowest Q2 rise since 2020. But with vacancy rates remaining tight, we’re still likely to see upward pressure on rents in the second half of the year.
Annual unit rent increases are notable in:
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Canberra (8.9%)
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Perth (7.6%)
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Hobart (7.0%)
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Adelaide (6.0%)
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Brisbane (3.2%)
Meanwhile, Melbourne held steady and Sydney rents dropped slightly.
The big challenge? Investor participation remains low — thanks to shifting tax policies — meaning less rental stock hitting the market. As affordability worsens, more would-be homeowners are staying in the rental pool longer, fuelling that demand.
For perspective: out of approximately 9.7 million dwellings in Australia, only 2 million are held by investors. That’s just 22% of Australian households, meaning the vast majority aren’t supplying rental stock.
Have Your Say: Sunshine Coast Planning Scheme
And finally, if you’re a property owner here on the Coast, don’t miss the opportunity to review and comment on the proposed Sunshine Coast Council Planning Scheme. Public consultation is now open, with submissions closing 19th September. I’ll include a link to the official page in this article — it’s worth a look.
If you’d like help navigating the market — whether you’re buying, selling, or just planning ahead — feel free to reach out. I’m back on the ground after a great week at the eXp International Conference in Barcelona and ready to help however I can.
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