Key takeaways
The national capital city median house price increased by 0.7% over the November quarter compared to the October quarter, and is now $0.7 higher than the previous peak price recorded over April 2022.
All capital cities reported increases in median house prices over the November quarter, with the exception of Melbourne where prices were steady. Hobart, Canberra and Darwin are reporting annual declines.
In November 2023, median house prices in Sydney, Melbourne, Brisbane, Adelaide, Perth, Perth, Darwin, Canberra, and Adelaide will be $1,085,389, down from $1,085,389 in November 2022.
In November 2023, median house prices in Sydney, Melbourne, Brisbane, Adelaide, Perth, Perth, Darwin, Canberra, and Adelaide will be $1,085,389, down from $1,085,389 in November 2022.
Quarterly median unit prices for November 2023 show that Sydney, Melbourne, Brisbane, Adelaide, Perth, Canberra, Hobart and Darwin have recorded the highest annual unit price growth.
Capital city housing markets have continued to report strong results over November, with house and unit prices increasing over ten consecutive quarters. Although declining affordability is impacting buyers, the spring housing market continues to report robust results for most capitals.
Capital city housing markets will continue to report positive results over the remainder of 2023, with chronically undersupplied housing markets placing upward pressure on home prices and rents.
National house prices have continued to record strong results over November although growth rates in most capitals have eased marginally compared to the previous month's robust results.
The national capital city median house price again increased sharply by 0.7% over the November quarter compared to the October quarter - rising to $1,085,389, according to the latest data from My Housing Market.
The November result was the 10th consecutive rise in monthly national house prices, with the increase just below the 0.9% growth rate reported over October which was the fastest increase since June.
National house prices are now 7.4% higher than reported over the November quarter 2022, have increased by 7.9% over 2023 so far, and are now 0.7% higher than the previous peak price recorded over April 2022.
All capitals reported increases in median house prices over the November quarter with the exception of Melbourne where prices were steady.
Hobart was the top performer higher by 2.9% followed by Perth up 1.9%, Adelaide higher by 1.1%, Brisbane up 0.9%, Sydney 0.7% higher, with Canberra and Darwin increasing by 0.5% and 0.1% respectively over the month.
House prices in most capitals are higher than reported over November 2022 although Hobart, Canberra and Darwin are reporting annual declines - down by 4.4%,1.9% and 0.2% respectively.
All capitals except Hobart and Darwin have recorded house price growth over this year to date, with Perth the top performer higher by 13.5% followed by Sydney and Adelaide each up 10.3%, Brisbane higher by 9.0% with Melbourne and Canberra by 3.4% and 0.5% higher respectively.
Quarterly Median House Prices November 2023
| Median | Month | This Year | Full Year | Previous Peak | |
| Sydney | $1,568,850 | 0.7% | 10.3% | 9.3% | -0.6% |
| Melbourne | $1,062,766 | 0.0% | 3.4% | 3.2% | -3.4% |
| Brisbane | $862,819 | 0.9% | 9.0% | 8.1% | 0.9% |
| Adelaide | $853,265 | 1.1% | 10.3% | 11.0% | 1.1% |
| Perth | $774,988 | 1.9% | 13.5% | 14.0% | 1.9% |
| Hobart | $696,758 | 2.9% | -2.7% | -4.4% | -9.7% |
| Darwin | $641,264 | 0.1% | -1.8% | -0.2% | -3.4% |
| Canberra | $969,306 | 0.5% | 0.5% | -1.9% | -8.8% |
| National | $1,085,389 | 0.7% | 7.9% | 7.4% | 0.7% |
National unit prices were again higher over November, rising by 0.4% and followed the sharp October increase of 1.0%.
The national unit price is now at $627,596, and 5.2% higher than the November 2022 result.
Capital city unit prices were again mostly higher over November, with Perth and Canberra the top performers each up by 1.3%, followed by Brisbane higher by 1.1% and Melbourne up 0.8%.
Sydney unit prices were steady over the month with prices down in Hobart, Adelaide and Darwin by 0.4 %, 0.6% and 1.8% respectively.
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Quarterly Median Unit Prices November 2023
| Median | Month | This Year | Full Year | Previous Peak | |
| Sydney | $748,429 | 0.0% | 6.0% | 5.0% | -0.6% |
| Melbourne | $572,782 | 0.8% | 3.1% | 2.5% | -4.2% |
| Brisbane | $451,321 | 1.1% | 10.7% | 12.1% | 0.9% |
| Adelaide | $434,668 | -0.6% | 12.7% | 12.1% | -0.6% |
| Perth | $409,390 | 1.5% | 10.1% | 11.2% | 1.5% |
| Hobart | $529,654 | -0.4% | -3.8% | -3.7% | -7.5% |
| Darwin | $342,076 | -1.8% | -9.2% | -9.0% | -9.8% |
| Canberra | $519,490 | 1.5% | 3.4% | 3.4% | -1.3% |
| National | $627,596 | 0.4% | 5.8% | 5.2% | 0.4% |
Adelaide and Brisbane have reported the highest annual unit price growth to October, each up by 12.1% followed by Perth higher by 11.2%, Sydney up 5.0%, Canberra up 3.4% and Melbourne higher by 2.5%.
Hobart and Darwin unit prices however are down by 3.7% and 9.0% respectively over the year
Adelaide, Brisbane, Perth, Sydney, Canberra and Melbourne have recorded unit price growth over 2023 so far - higher by 12.7%, 10.7%, 10.1%, 6.0%, 3.4% and 3.1% respectively.
Hobart and Darwin unit prices however are down by 3.8% and 9.2% respectively.
Comment
Capital city housing markets have continued to generally report strong results over November although growth rates have eased compared to the sharp increases recorded over the previous month.
Although declining affordability is impacting buyers generally with prices now tracking nearly 10% higher over the year so far; and sharply higher interest rates and high inflation impacting household budgets, the spring housing market continues to report robust results for most capitals.
The generalised 2023 recovery in house and unit prices has followed a lengthy period of declines over 2022 – particularly in Sydney and Melbourne.
The national capital city median price for houses has now increased over ten consecutive quarters with unit prices also reporting solid increases over recent months. Most capitals continue to record consistently higher monthly prices for both houses and units.
Capital city housing markets will continue to report positive results over the remainder of 2023 despite the usual rise in listings offering buyers more choices and providing more competition among sellers.
The rising likelihood of another near-term increase in official interest rates will however impact affordability and confidence.
The impact of higher interest rates over the past 18 months on housing markets has nonetheless been offset by a booming labour market generating record wages growth, and a record surge in migration.
Chronically undersupplied housing markets will continue to place upward pressure on home prices and rents.
Restored buyer and seller confidence and strong economies will continue to support housing market activity generally through the final months of 2023, with 2022 peak prices still likely to be regained before year-end in Sydney and perhaps Melbourne which together recorded the steepest falls through 2022.
