This milestone places Adelaide alongside Sydney, Melbourne, Brisbane, and Canberra as the fifth capital city to surpass the seven-figure mark.
Nationally, house prices have climbed for the ninth consecutive quarter, with Sydney’s median house price now just $8,000 shy of $1.7 million.
Perth is also on track to hit $1 million by the end of 2025. Melbourne is showing signs of recovery, with house prices rising for the second consecutive quarter.
However, Brisbane experienced its first decline in house prices in more than two years.
In the unit market, prices nationally fell by $3,000 from last quarter’s record high. Units in Sydney, Brisbane, and Adelaide are at record levels, while Melbourne, Perth, Canberra, and Darwin saw quarterly price declines, with Perth experiencing its first drop in two years. Brisbane’s unit prices increased for the 16th consecutive quarter.
“While house prices are still rising nationally, the pace of growth has slowed to just one-third of what it was last year,” said Domain’s Chief of Research and Economics, Dr Nicola Powell.
“Several factors are behind the slowdown – interest rate cuts are expected to be gradual, affordability remains a major barrier, and lending conditions are still tight. On top of that, global uncertainty, including from the Trump administration’s economic and foreign policy stance, could influence the RBA’s next moves.
“With consumer sentiment at a six-month low, another strong price surge is unlikely until we see a real improvement in home loan affordability.
“That said, it could be a window of opportunity for buyers, particularly with both major parties proposing new support for first home buyers ahead of the election.”
The report highlights the evolving dynamics of Australia’s property market, with some capitals reaching new heights while others show signs of cooling.
As affordability and lending conditions continue to influence buyer behaviour, the coming months will be critical in determining the market’s trajectory.