QMI: June 2025

I am happy to present our Quarterly Market Insights (QMI) report for the June quarter.

It has been another eventful quarter in land markets in Victoria, South East Queensland and Adelaide with a number of seismic events that are still impacting buyer sentiment.

The first major development in the June quarter was the thumping victory by the incumbent Labor Government in the May election. Neither party’s housing platform was particularly inspiring, repeating too much of what we’ve seen in the past decade – demand-side focused policies that will simply pump up prices. But with Labor returned with such a strong mandate, we are hopeful that it might consider supplementing the policies it took to the election with some additional initiatives that could meaningfully move the dial on the supply side.

The second major impact on the property market outlook in the June quarter was the unexpected path of interest rates. The Reserve Bank of Australia (RBA) delivered the second 0.25% rate cut in the easing cycle in the second half of May and thensurprised markets by holding fire in July. Markets quickly locked in the August rate cut but trimmed around 0.25% off the total level of cuts expected in the easing cycle.

While established dwelling prices rose for five consecutive months to June, both March quarter completion figures and more recent building approval data show we are still building significantly fewer homes than needed to meet housing targets. With our previous forecast of a rise in activity coming to fruition in the June quarter, we have passed the bottom of the land sales cycle. We expect land sales volumes to grow further in 2025 across most markets, with stronger price growth likely to follow in 2026.

You can read our full market reports and outlook, as well as a host of other interesting articles in the magazine.