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Australian capital city house price growth over the last decade

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. 47513700_l
  • 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.

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.

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Michael is director of independent property advisory Matusik Property Insights. He is independent, perceptive and to the point; has helped over 550 new residential developments come to fruition and writes his insightful Matusik Missive


'Australian capital city house price growth over the last decade' have 2 comments

  1. Avatar for Property Update

    April 5, 2018 @ 12:54 pm FXDaemon

    Hi Michael,

    Couple of questions if you don’t mind:
    1. Do you have similar data over 20-year, 30-year and 40-year period to share?
    2. Do I need to compound the % change over 10 years period to arrive at the 2017 median or it has already been
    averaged out over the same period?

    Thanks,
    FXD

    Reply

    • Avatar for Property Update

      April 5, 2018 @ 6:52 pm Michael Yardney

      Hi FxDaemom
      No we don’t have similar data going back that far and if you think about it you’re not really comparing apples with apples, because the typical family home 40 years ago was very different from the typical home today.
      The current medians are already in the table

      Reply


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