Here are some facts on capital city house price growth over the last decade
Two tables this missive.
The first looks at median detached house values by capital city and the second looks at house values by general location within our five major capitals.
Capital cities
| Capital city | Median house values | % change (pa) | House sales | ||||
| 2007 | 2016 | 2017 | 10 yrs. | 1 yr. | 2017 | % | |
| Sydney | $557,500 | $1,129,100 | $1,179,500 | 7.8% | 4.5% | 45,524 | 30% |
| Melbourne | $455,000 | $768,000 | $821,000 | 6.1% | 6.9% | 41,150 | 27% |
| Brisbane | $410,000 | $515,000 | $530,000 | 2.6% | 2.9% | 22,883 | 15% |
| Adelaide | $355,000 | $450,000 | $465,000 | 2.7% | 3.3% | 16,533 | 11% |
| Perth | $475,000 | $525,000 | $517,500 | 0.9% | -1.4% | 19,374 | 13% |
| Canberra | $477,500 | $625,000 | $622,000 | 2.7% | -0.5% | 2,214 | 1% |
| Hobart | $330,000 | $430,000 | $459,000 | 3.4% | 6.7% | 2,342 | 2% |
| Darwin | $412,500 | $516,300 | $513,000 | 2.2% | -0.6% | 838 | 1% |
| Australia | $466,500 | $742,600 | $769,500 | 5.1% | 3.6% | 150,858 | 100% |
Inner city, middle-ring and outer suburbs
| Location | Median house values | % change (pa) | House sales | ||||
| 2007 | 2016 | 2017 | 10 yrs. | 1 yr. | 2017 | % | |
| Inner city suburbs | |||||||
| Sydney | $868,000 | $1,910,000 | $1,925,000 | 8.3% | 0.8% | 5,149 | 11% |
| Melbourne | $726,000 | $1,405,000 | $1,513,000 | 7.6% | 7.7% | 7,287 | 18% |
| Brisbane | $675,000 | $870,500 | $897,500 | 2.9% | 3.1% | 1,904 | 8% |
| Adelaide | $560,000 | $730,000 | $772,500 | 3.3% | 5.8% | 2,283 | 14% |
| Perth | $879,000 | $1,000,000 | $961,900 | 0.9% | -3.8% | 2,192 | 11% |
| Average | $757,500 | $1,360,000 | $1,409,500 | 6.4% | 3.6% | 18,815 | 13% |
| Middle-ring suburbs | |||||||
| Sydney | $647,000 | $1,345,000 | $1,396,500 | 8.0% | 3.8% | 10,737 | 24% |
| Melbourne | $460,000 | $900,500 | $988,000 | 7.9% | 9.7% | 12,647 | 31% |
| Brisbane | $462,500 | $600,000 | $620,000 | 3.0% | 3.3% | 10,553 | 46% |
| Adelaide | $390,000 | $505,000 | $525,000 | 3.0% | 4.0% | 6,759 | 41% |
| Perth | $470,000 | $616,000 | $625,000 | 2.9% | 1.5% | 5,843 | 30% |
| Average | $495,000 | $842,000 | $886,000 | 6.0% | 5.2% | 46,539 | 32% |
| Outer suburbs | |||||||
| Sydney | $420,000 | $769,500 | $800,000 | 6.7% | 4.0% | 29,638 | 65% |
| Melbourne | $342,000 | $605,500 | $666,500 | 6.9% | 10.1% | 21,216 | 52% |
| Brisbane | $355,000 | $393,500 | $410,000 | 1.4% | 4.2% | 10,426 | 46% |
| Adelaide | $285,000 | $347,000 | $353,000 | 2.2% | 1.7% | 7,491 | 45% |
| Perth | $425,000 | $455,000 | $440,000 | 0.3% | -3.3% | 11,339 | 59% |
| Average | $379,000 | $593,000 | $621,000 | 5.1% | 4.7% | 80,110 | 55% |
Comments
- Sydney, Melbourne and now Hobart are doing best.
- Over the past ten years, Sydney and Melbourne are streets ahead of the other capitals. Much of this result has come from a quick sprint over the last couple of years.
- Canberra, Hobart and particularly Darwin are small markets when it comes to house sales.
- Most detached house sales activity takes place in the outer suburbs, followed by the middle-ring.
- Over the longer term detached housing resells for similar annual gains regardless of general location (i.e. inner city versus the middle-ring or outer suburbs).
- There is now marked differences between housing values between the capital cities. This is especially the case when it comes to the middle-ring, and in particular, outer suburbs.
This data has been sourced from the REIA Market Facts Publication.
- Also read:Latest property price forecasts for 2024 revealed. What’s ahead in our housing markets in the next year or two?
- Also read:Fastest growing cities in Australia 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
The inner city includes those suburbs within a 5km radius of the GPO.
The middle-ring relates to those suburbs between 5km and 20km from the CBD, whilst the outer suburbs covers that area within a capital city metropolitan area beyond 20km from the CBD.
