Key takeaways
Australia's housing upswing continued through March with the national Home Value Index rising 0.6%, on par with February’s increase, taking the current upswing in housing values through its 14th straight month of growth.
Every capital city except Darwin (-0.2%) recorded a rise in dwelling values over the month, although the monthly gains continue to be punctuated by diversity.
The median house price in Australia’s combined capital cities is now $956,782.
The median unit price in Australia’s capital cities is $659,941
The median dwelling value in Australia’s combined regional areas is $620,032
But of course, there are markets within markets, so we detail the median prices for each capital city in this article.
Australia's housing upswing continued through March with the national Home Value Index rising 0.6%, taking the current upswing in housing values through its 14th straight month of growth.
Beneath this headline result, our housing markets have been fragmented with diverse performance around the country.
While every capital city except Darwin (-0.2%) recorded a rise in dwelling values over the month, each state is in its own property cycle as you will see from the statistics below.
And of course, our capital cities are performing differently to the regional housing markets.
Change in dwelling values around Australia
| City | Month | Quarter | Annual | Total return | Median value |
|---|---|---|---|---|---|
| Sydney | 0.3% | 0.9% | 9.6% | 12.8% | $1,139,375 |
| Melbourne | 0.0% | -0.2% | 3.2% | 6.8% | $778,892 |
| Brisbane | 1.1% | 3.0% | 15.9% | 20.6% | $817,564 |
| Adelaide | 1.4% | 3.3% | 13.3% | 18.0% | $734,173 |
| Perth | 1.9% | 5.6% | 19.8% | 25.4% | $703,502 |
| Hobart | 0.2% | 0.4% | 0.5% | 7.0% | $649,097 |
| Darwin | -0.2% | 0.4% | 0.5% | 7.0% | $498,433 |
| Canberra | 0.4% | 0.8% | 1.9% | 6.0% | $838,976 |
| Combined capitals | 0.6% | 1.5% | 9.7% | 13.6% | $848,475 |
| Combined regional | 0.6% | 1.8% | 6.0% | 10.7% | $620,032 |
| National | 0.6% | 1.6% | 8.8% | 12.9% | $772,730 |
Source: CoreLogic 1st April 2024
- The median dwelling price for Australia now sits at $772,730
- The median dwelling price for our combined capital cities now sits at $848,475
- The median dwelling price for our combined regional towns sits at $620,032
Current Australian house price trends
Of course, there is not one property market around Australia as the following chart clearly shows.
The ongoing rise in housing values reflects a persistent imbalance between supply and demand which varies in magnitude across our cities and regions.
Perth continues to stand out with a substantially higher rate of growth compared to any other region, up 1.9% over the month.
Adelaide (+1.4%), Brisbane (+1.1%) and the regional areas of SA (+1.1%), WA (+2.1%) and Queensland (+1.1%) also show a consistently high rate of capital growth month-to-month.
These regions are generally benefiting from a combination of comparatively lower housing prices and positive demographic factors that continue to support housing demand.
Although the pace of gains has shown some uplift, most regions are still recording value growth well below the highs of last year when the national index rose 1.3% in May.
| Onset of Feb 2024 | Δ COVID to 2024 | Δ from peak to Feb 2024 | Peak date | |
|---|---|---|---|---|
| Sydney | 25.4% | $230,889 | -1.4% | 22-Jan |
| Melbourne | 11.0% | $77,422 | -4.1% | 22-Mar |
| Brisbane | 55.2% | $290,831 | <at peak> | 24-Mar |
| Adelaide | 57.1% | $266,887 | <at peak> | 24-Mar |
| Perth | 56.0% | $252,624 | <at peak> | 24-Mar |
| Hobart | 28.3% | $142,980 | -11.5% | 22-Mar |
| Darwin | 24.4% | $97,921 | -6.6% | 14-May |
| Canberra | 31.2% | $199,731 | -6.1% | 22-May |
| Regional NSW | 46.9% | $232,311 | -4.3% | 22-May |
| Regional VIC | 33.6% | $142,966 | -6.5% | 22-May |
| Regional QLD | 56.2% | $225,106 | <at peak> | 24-Mar |
| Regional SA | 56.2% | $146,579 | <at peak> | 24-Mar |
| Regional WA | 56.2% | $177,668 | <at peak> | 24-Mar |
| Regional TAS | 44.6% | $157,680 | -4.9% | 22-May |
| Combined capitals | 29.3% | $192,468 | <at peak> | 24-Mar |
| Combined regional | 48.7% | $202,980 | -0.40% | 22-Mar |
| National | 33.4% | $193,608 | <at peak> | 24-Mar |
Note: Onset of COVID calculated from March 2020
What you need to know about median house prices
We’ve written a detailed article explaining why not to trust median property prices here.
However, understanding median house prices can be useful because they give investors a rough guide about the locations they can afford.Yet they should never be considered to be the Holy Grail of property data, because of the tendency for median prices to jump around from quarter to quarter.
They are more a reflection of the properties recently sold in the area rather than what a particular property is worth.
In many locations understanding the median house price is almost worthless because of the variations of the great variation in sale prices for houses, which means the area does not have a homogeneous style of housing.
For example, you could get a significant variation in property value for similar properties when you compare the more desirable locations within a particular suburb, such as a property having water views with ones that are less desirable such as on a busy road or even on a secondary main road or too near the train or with views of the service station across the street.
As you can see, if a suburb has housing of variable quality, the median house price is not very useful because some properties are simply more valuable than others.
However, if a suburb has very similar housing, such as renovated older homes on large blocks or a newer suburb where most of its housing stock was built over a few years, the median house price would be more relevant.
Melbourne's median property price
Here is the latest data on the median property prices for Melbourne.
| Property | Median price | Δ MoM | Δ QoQ | Δ Annual |
|---|---|---|---|---|
| All dwellings | $778,892 | 0.0% | -0.2% | 3.2% |
| Capital city houses | $935,049 | -0.1% | -0.1% | 3.3% |
| Capital city units | $612,906 | 0.3% | -0.3% | 3.0% 1 |
| Regional dwellings | $568,998 | -0.2% | -0.3% | -0.7% |
Source: CoreLogic, 1st April 2024
Melbourne's values have risen 11% since the onset of Covid, but are still -4.1% below their peak of March 2022.
Clearly the Melbourne housing market has not performed as strongly as some other capitals over the last year.
This creates a window of opportunity for strategic property investors as Melbourne property values have significant upside potential.
However the Melbourne housing markets are fragmented and more than 50 Victorian suburbs saw house price growth exceed the average national average house price growth in 2023.
Seven Melbourne suburbs even posted gains above $100,000 to trump the state’s $91,500 average income.
There is currently a flight to quality properties in Melbourne, with A-grade homes and "investment grade" properties still in short supply for the prevailing demand, but B Grade properties are taking longer to sell and informed buyers are avoiding C Grade properties.
Moving forward strong immigration and a lack of supply of properties will help keep pushing Melbourne property prices up.
Melbourne's auction results show the market depth experienced so far this year with multiple buyers vying for good properties.
Sydney's median property price
Here is the latest data on the median property prices for Sydney.
| Property | Median price | Δ MoM | Δ QoQ | Δ Annual |
|---|---|---|---|---|
| All Capital city dwellings | $1,139,375 | 0.3% | 0.9% | 9.6% |
| Capital city houses | $1,414,229 | 0.3% | 0.9% | 10.7% |
| Capital city units | $839,344 | 0.4% | 1.0% | 6.9% |
| Regional dwellings | $728,036 | 0.4% | 1.1% | 4.0% |
Source: CoreLogic, 1st April 2024
The Sydney property market saw home values defy predictions and rise steadily in 2023 - with some areas increasing by as much as $1.5 million.
Sydney led this current property upturn starting to rise in January 2023 with fewer homes on the market at a time of increasing buyer demand underpinning the growth spurt with more than 90 per cent of Sydney suburbs increasing in value.
Positive demand drivers stemming from the shortages in rental supply and rebound in international migration are underpinning its growth.
However, some areas underperformed - suburbs that had the biggest price drops were in Central Coast, Baulkham Hills and Hawkesbury regions – areas that saw significant growth during the Covid lockdowns.
Sydney auction clearance rate have been strong all year, showing significant depth in the market and suggesting sale prices will continue to keep rising this year.
Moving forward, the various sectors of the Sydney property markets will be fragmented, which is a more “normal” property market.
Brisbane's median property price
Here is the latest data on the median property prices for Brisbane.
| Property | Median price | Δ MoM | Δ QoQ | Δ Annual |
|---|---|---|---|---|
| All Capital city dwellings | $817,564 | 1.1% | 3.0% | 15.9% |
| Capital city houses | $909,988 | 1.0% | 2.8% | 15.9% |
| Capital city units | $587,793 | 1.5% | 4.1% | 16.4% |
| Regional dwellings | $625,849 | 1.1% | 2.8% | 10.5% |
Source: CoreLogic, 1st April 2024
Brisbane's housing market skyrocketed during the pandemic with 55.2% trough to peak growth, and is currently at a new peak in price.
Our on-the-ground experience at Metropole Brisbane is that there is strong demand from both home buyers and property investors for A-grade homes and investment-grade properties.
New supply is struggling to keep up with the rising demand, further supporting rising home values.
At the end of last year, Brisbane auction market slumped a little, but Brisbane has never been city that held many auctions, however, as you can see from the chart below, the Brisbane auction market has been strong throughout 2024, suggesting property prices will keep rising.
Adelaide's median property price
Here is the latest data on the median property prices for Adelaide.
| Property | Median price Δ | MoM Δ | QoQ Δ | Annual Δ |
|---|---|---|---|---|
| All Capital city dwellings | $734,173 | 1.4% | 3.2% | 13.3% |
| Capital city houses | $785,971 | 1.3% | 3.2% | 13.2% |
| Capital city units | $504,799 | 2.0% | 3.9% | 13.6% |
| Regional dwellings | $407,353 | 1.1% | 2.8% | 9.7% |
Source: CoreLogic, 1st April 2023
The Adelaide property market was a little slower to boom than the east coast capital cities but once it got going it has remained one of the best-performing capital city property markets assisted by its relative affordability.
CoreLogic data shows Adelaide values recorded a COVID-19 "trough to peak" growth of 57.1 per cent.
The comparative affordability of the city’s homes has seen prices holding up better as interest rates have risen.
In fact a dozen new suburbs entered Adelaide’s million-dollar club over the past year.
Seacliff, Glenelg North, Glengowrie, Clarence Gardens and North Brighton were among the 12 that hit the seven-figure median house price threshold as of December.
Malvern and St Peters’ median house prices surpassed $2m, joining Toorak Gardens – which was the only suburb with a $2m median in December 2022.
The city now has 64 suburbs with median house prices above $1m and three with median above $2m.
Like in most capital cities, low stock levels are also helping to insulate home values, with increased competition among potential buyers
The strong auction clearance rates in 2023 were another sign of the strength and depth of the Adelaide property market last year, and while they are a little lower this year, the depth of buyer demand has kept Adelaide auction clearance rates high in 2024.
Perth's median property price
Here is the latest data on the median property prices for Perth.
| Property | Median price Δ | Δ MoM | Δ QoQ | Δ Annual |
|---|---|---|---|---|
| All Capital city dwellings | $703,502 | 1.9% | 5.6% | 19.8% |
| Capital city houses | $735,276 | 1.9% | 5.5% | 20.0% |
| Capital city units | $495,360 | 2.0% | 6.2% | 17.7% |
| Regional dwellings | $493,708 | 2.1% | 4.6% | 12.2% |
Source: CoreLogic, 1st March 2024
Perth housing values remained flat for most of the last decade, but last year house and unit values in Perth enjoyed their most significant increases with a 56% surge and are currently at a new peak.
However, I would avoid investing in Perth for a number of reasons:
- Currently East Coast property buyers are pushing up Perth property values, buying properties site unseen and paying prices well above market price. This means the investor has to overpay, they will regret down the track.
Our contacts on the ground in Perth advise us that East Coast buyers' agents (NOT Metropole) are paying what they call "silly prices" significantly above what locals would pay, because properties are still relatively cheap in Perth. And they are buying these properties, site, unseen, creating significant risks for their clients. - The Western Australian economy is not as diverse as the other capital cities. While Perth is not a mining town, it is too dependent on a couple of industries – especially the mining industry which accounts for around 45% of the economic output and much of this is dependent on China, and this has a direct knock-on effect on WA house prices. The mining and energy companies are large employers in Perth. This means that the Perth property market is susceptible to a downturn in mining.
Apart from the large energy companies, most corporate head offices are located in the eastern capital cities. Management roles in head offices tend to attract higher salaries which, to some extent, support/underpin property prices. - Further, the larger east coast capital cities have significantly larger the population with more diverse the employment opportunities which in general attract higher salaries.
Hobart's median property price
Here is the latest data on the median property prices for Hobart.
| Property | Median price | Δ MoM | Δ QoQ | Δ Annual |
|---|---|---|---|---|
| All Capital city dwellings | $649,097 | 0.2% | 0.1% | 0.3% |
| Capital city houses | $692,951 | 0.3% | 0.5% | 0.9% |
| Capital city units | $522,258 | 0.2% | -1.8% | -2.6% |
| Regional dwellings | $493,708 | 0.0% | 1.1% | 0.4% |
Source: CoreLogic, 1st April 2024
Hobart was the darling of speculative property investors and the best-performing property market in 2017- 2018
After rising 28.3% over the Covid period, Hobart dwelling values fell and are still 11.5% below their peak of March 2022.
Hobart was an underperformer for most of 2023 and is likely to remain so in 2024.
Darwin's median property price
Here is the latest data on the median property prices for Darwin.
| Property | Median price Δ | Δ MoM | Δ QoQ | Δ Annual |
|---|---|---|---|---|
| All Capital city dwellings | $498,433 | -0.2% | 0.4% | 0.5% |
| Capital city houses | $573,498 | -0.2% | 0.7% | 0.4% |
| Capital city units | $367,716 | 0.0% | -0.2% | -2.6% |
| Regional dwellings | n/a | n/a | n/a | n/a |
Source: CoreLogic, 1st April 2024
Darwin remains the most affordable city to purchase a house.
The city’s famously relaxed and laid-back lifestyle and the low-density population were a bonus in the post-pandemic era and drove interest in Darwin property.
After rising 24.4% over the Covid period, Darwin's dwelling fell 6.6% after peaking on May 2014 and prices are still below their previous peak.
Canberra's median property price
Here is the latest data on the median property prices for Canberra.
| Property | Median price | Δ MoM | Δ QoQ | Δ Annual |
|---|---|---|---|---|
| All Capital city dwellings | $838,976 | 0.4% | 0.8% | 1.9% |
| Capital city houses | $964,136 | 0.5% | 0.9% | 2.5% |
| Capital city units | $585,057 | 0.1% | 0.2% | -0.1% |
| Regional dwellings | n/a | n/a | n/a | n/a |
Source: CoreLogic, 1st April 2024
Canberra’s property market was once the “quiet achiever” with median house prices recording 38.3% growth over the recent property boom.
A number of factors were driving house price increases in Canberra and the wider ACT including rising interest from international and interstate investors and tight land releases among others.
After rising 31.2% over the Covid period, Canberra's dwelling values fell and are still 6.1% below their peak in May 2022.
However, the Canberra market seems to be picking up this year.
The subdued Canberra auction clearance rates throughout 2023 were a sign of the weakness of the Canberra property market last year but auction clearance rates have been stronger in 2024 - a sign of the strengthening market.
- Also read:This week’s Australian Property Market Update – Latest Data, State by State April 9th 2024
- Also read:Melbourne property market forecast for 2024
- Also read:Brisbane’s property market forecast for 2024
- Also read:Sydney property market forecast for 2024
- Also read:6 priceless investing lessons from influential billionaires
