August 2025: Perth crosses Melbourne
Perth's median dwelling value exceeded Melbourne's in August 2025. A complete reordering of the Australian capital league table in three years.
The 2022–2025 reshuffle
In three years: Brisbane crossed Melbourne (Nov 2023), Adelaide crossed Melbourne (early 2025), Perth crossed Melbourne (August 2025). The 'eastern seaboard premium' that had dominated Australian property thinking since the 1990s no longer existed in price terms.
Investor framing
City selection had become the dominant decision again — but in reverse. The 2025 outperformers were the cities most retail investors had under-allocated to. Discipline against historical pattern bias was the difference between top-decile and median outcomes.
Dax Stanley
Founder & Principal Strategist, Hera Property. #1 international bestselling author of Real Estate Investing Using ChatGPT.