Key takeaways
National dwelling values were steady in January (-0.03%) with the headline result weighed down by the capital cities, where values fell 0.2%.
Dwelling values across the combined regional areas of Australia rose a further 0.4% in January, reaching new record highs.
Three of the eight capitals recorded a decline in home values in January, with Melbourne recording the sharpest decline (-0.6%), followed by the ACT (-0.5%) and Sydney (-0.4%).
The median house price in Australia’s combined capital cities is now $1,010,182
The median unit price in Australia’s capital cities is $686,947
The median dwelling value in Australia’s combined regional areas is $656,445
But of course, there are markets within markets, so we detail the median prices for each capital city in this article.
National dwelling values were steady in January (-0.03%) with the headline result weighed down by the capital cities, where values fell 0.2%.
Dwelling values across the combined regional areas of Australia rose a further 0.4% in January, reaching new record highs.
Three of the eight capitals recorded a decline in home values in January, with Melbourne recording the sharpest decline (-0.6%), followed by the ACT (-0.5%) and Sydney (-0.4%).
Brisbane and Perth have continued to record growth in home values, but there has been a clear and steady loss of
momentum in these markets, especially in the detached housing sector where value growth has eased more noticeably.
Perth is now recording a slower rate of growth than Brisbane and Adelaide over the rolling quarter.
Change in dwelling values around Australia
| City | Month | Quarter | Annual | Total return | Median value |
|---|---|---|---|---|---|
| Sydney | -0.4% | -1.4% | 1.7% | 4.8% | $1,193,228 |
| Melbourne | -0.6% | -2.0% | -3.3% | 0.4% | $772,317 |
| Brisbane | 0.3% | 1.2% | 10.4% | 14.7% | $893,592 |
| Adelaide | 0.7% | 1.8% | 12.7% | 16.9% | $819,363 |
| Perth | 0.4% | 1.0% | 17.1% | 22.3% | $809,870 |
| Hobart | 0.0% | -0.8% | -0.4% | 3.9% | $658,180 |
| Darwin | 0.6% | 1.7% | 0.9% | 7.5% | $502,632 |
| Canberra | -0.5% | -0.5% | -0.5% | 3.8% | $850,534 |
| Combined capitals | -0.2% | -0.7% | 3.8% | 7.6% | $897,632 |
| Combined regional | 0.4% | 1.0% | 5.8% | 10.5% | $656,445 |
| National | 0.0% | -0.3% | 4.3% | 8.3% | $814,293 |
Source: CoreLogic 3rd February 2025
- The median dwelling price for Australia now sits at $814,293
- The median dwelling price for our combined capital cities now sits at $897,632
- The median dwelling price for our combined regional towns sits at $656,445
Be careful how you interpret this data!
The media keeps telling us that Perth, Brisbane and Adelaide have overtaken Melbourne in median values, but this is misleading.
They are quoting the "dwelling prices" mentioned above, but Melbourne has double the number of units (apartments) relative to houses when compared to these other capitals and this obviously skews the median ‘all dwellings’ values.
Percentage of Units in the Market
| City / Region | % units |
|---|---|
| Greater Sydney | 39.3% |
| Greater Darwin | 36.4% |
| ACT | 33.8% |
| Greater Melbourne | 33.0% |
| Greater Brisbane | 25.3% |
| Greater Hobart | 18.3% |
| Greater Adelaide | 16.3% |
| Greater Perth | 15.8% |
| Regional NT | 25.8% |
| Regional Qld | 25.0% |
| Regional NSW | 14.8% |
| Regional Vic. | 11.2% |
| Regional Tas. | 10.5% |
| Regional WA | 7.9% |
| Regional SA | 5.8% |
| Combined capitals | 30.0% |
| Combined regionals | 16.4% |
| National | 25.5% |
Source: CoreLogic, August 2024
Current Australian house price trends
Of course, there is not one property market around Australia as the following chart clearly shows.
The recent rise in property 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 0.4% over the month.
Adelaide (+0.7%), Brisbane (+0.3%) and the regional areas of SA (+1.3%), WA (+1.2%) and Queensland (+0.7%) also show a consistently high rate of capital growth month-to-month.
Although the pace of gains has slowed a little, most regions are still recording value growth well below the highs of last year.
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 | $772,317 | -0.6% | -2.0% | -3.3% |
| Capital city houses | $917,132 | -0.5% | -2.0% | -3.5% |
| Capital city units | $602,602 | -0.8% | -1.9% | -2.9% |
| Regional dwellings | $562,748 | -0.1% | -0.1% | -2.6% |
Source: CoreLogic, 3rd February 2025
Melbourne property values have risen 7.8% since the onset of Covid, but are still -6.9% below their peak of March 2022 and they fell -0.6% in January.
Melbourne buyers have consistently enjoyed more choice relative to other markets, at the same time construction rates relative to population growth in Victoria have been somewhat balanced compared to other parts of the country.
At the same time the Victorian government has created uncertainty amongst the investors and business people, and local economics is a major factor in the health of a property market.
The result is that the Melbourne housing market has not performed as strongly as some other capitals over the last year or two.
However, this currently creates a window of opportunity for strategic property investors as Melbourne property values have significant upside potential.
The average price of a Melbourne standalone house is the lowest it has been against its Sydney equivalent in around twenty years.
Why the underperformance of the Melbourne market?
Partly it might reflect the greater stock of housing available for sale in the Melbourne market relative to other states.
Also, investor demand has also been lower in Melbourne dues to discontent with the way the Victorian government is treating investors and favouring tenants.
Also, one of the biggest short term influences on the property market performance is each city’s economy, and there is no doubt that there is plenty of negative sentiments about how the Victorian government is handling its economy.
However the Melbourne housing markets are fragmented and not surprisingly, 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 higher.
Melbourne's auction results show the market depth experienced last 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 | $1,193,228 | -0.4% | -1.4% | 1.7% |
| Capital city houses | $1,474,032 | -0.4% | -1.6% | 1.9% |
| Capital city units | $857,969 | -0.2% | -0.9% | 1.1% |
| Regional dwellings | $749,380 | 0.1% | 0.3% | 2.9% |
Source: CoreLogic, 2nd January 2025
The pace of Sydney property price growth has slowed significantly over the last few months, but despite this deceleration, Sydney house prices have risen 27.3% since the onset of Covid, however Sydney dwelling prices fell -0.4% in January.
The Sydney unit market has reached new highs roughly matching house price growth over the year.
Moving forward, the various sectors of the Sydney property markets will be fragmented, which is a more “normal” property market.
Sydney auction clearance rates were strong all last year, showing significant depth in the market and suggesting sale prices will continue to keep rising this year.
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 | $893,592 | 0.3% | 1.2% | 10.4% |
| Capital city houses | $977,343 | 0.3% | 1.0% | 9.4% |
| Capital city units | $685,291 | 0.6% | 2.1% | 15.8% |
| Regional dwellings | $696,623 | 0.7% | 1.6% | 10.3% |
Source: CoreLogic, 3rd February 2025
Brisbane's housing market skyrocketed since the pandemic with 68.2% trough to peak growth, and is currently at a new peak in price.
Brisbane remains one of the strongest performing markets over the past year and our on-the-ground experience at Metropole Brisbane is that there is still strong demand from both home buyers and property investors for A-grade homes and investment-grade properties.
Supply is struggling to keep up with the rising demand, further supporting rising home values.
Brisbane has never been a city that held many auctions, however, as you can see from the chart below, the Brisbane auction market was steady throughout 2024.
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 | $819,363 | 0.7% | 1.8% | 12.7% |
| Capital city houses | $872,553 | 0.7% | 1.7% | 12.2% |
| Capital city units | $590,650 | 0.6% | 2.2% | 16.0% |
| Regional dwellings | $459,714 | 1.3% | 3.3% | 13.2% |
Source: CoreLogic, 3rd February 2025
The Adelaide property market remains one of the countries top performing markets rising for the eight consecutive quarter.
The pace of growth remains high and well above the historical average as low stock levels intensify competition.
The comparative affordability of the city’s homes saw prices defy the significant increase in interest rates since May 2022, but this affordability gap is now disappearing.
CoreLogic data shows Adelaide values recorded a COVID-19 "trough to peak" growth of 73.1 per cent.
Like in most capital cities, low stock levels are also helping to insulate home values, with increased competition among potential buyers
The strong Adelaide auction clearance rates are an indication of the depth of the Adelaide property market and while they are a little lower this year than last, the depth of buyer demand has kept Adelaide auction clearance rates high.
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 | $809,870 | 0.4% | 1.0% | 17.1% |
| Capital city houses | $843,805 | 0.3% | 0.8% | 16.7% |
| Capital city units | $591,093 | 1.0% | 2.2% | 20.6% |
| Regional dwellings | $543,805 | 1.2% | 2.8% | 16.6% |
Source: CoreLogic, 3rd February 2025
Perth’s housing market continues to stand out nationally remaining the strongest market in the country for monthly and annual home price growth.
But remember...Perth housing values remained flat for most of the last decade, and over the last 16 months house and unit values in Perth enjoyed their most significant increases and are currently at a new peak.
The relative affordability of the city’s homes, population growth, and very tight rental markets are also supporting home values.
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 | $658,180 | 0.0% | -0.8% | -0.4% |
| Capital city houses | $698,345 | -0.2% | -0.7% | -0.3% |
| Capital city units | $522,971 | 0.9% | -1.0% | -0.6% |
| Regional dwellings | $518,960 | 0.0% | 0.8% | 3.1% |
Source: CoreLogic, 3rd February 2025
Hobart was the darling of speculative property investors and the best-performing property market in 2017- 2018.
After rising 26.9% over the Covid period, Hobart dwelling values fell and are still -12.5% below their peak of March 2022.
Hobart remains the weakest capital city market when comparing annual price growth , as well as the change from peak.
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 | $502,632 | 0.6% | 1.7% | 0.9% |
| Capital city houses | $582,971 | 0.6% | 2.0% | 1.4% |
| Capital city units | $366,694 | 0.7% | 1.2% | -0.1% |
| Regional dwellings | n/a | n/a | n/a | n/a |
Source: CoreLogic, 3rd February 2025
Darwin remains the most affordable capital 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 25.3% over the Covid period, Darwin's dwelling fell 6.0% after peaking in May 2014 and prices are still -2.9% over the last 10 years.
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 | $850,534 | -0.5% | -0.5% | -0.5% |
| Capital city houses | $968,907 | -0.4% | -0.4% | 0.2% |
| Capital city units | $583,486 | -0.8% | -1.0% | -2.7% |
| Regional dwellings | n/a | n/a | n/a | n/a |
Source: CoreLogic, 2nd January 2025
Home prices in Canberra fell again in December, and are down -0.5% from their December 2023 levels.
Overall Canberra’s median house prices recorded 29.9% growth since the beginning of Covid but are still 7.1% below their peak in May 2022.
The subdued Canberra auction clearance rates throughout the last year are a sign of the weakness of the Canberra property market.
- Also read:Melbourne property market forecast for 2025
- Also read:Brisbane’s property market forecast for 2025
- Also read:How long will Australia’s rental crisis last?
- Also read:Latest property price forecasts for 2025 revealed. What’s ahead in our housing markets in the next year or two?
- Also read:Sydney property market forecast for 2025
