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The latest median property prices in Australia’s major cities - featured image
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The latest median property prices in Australia’s major cities

key takeaways

Key takeaways

Australia's housing upswing continued through the first month of 2024 with the national Home Value Index rising 0.4% in January.

However, 3 capitals recorded a subtle decline over the month.

The median house price in Australia’s combined capital cities is now $944,229.

The median unit price in Australia’s capital cities is $650,279.

The median dwelling value in Australia’s combined regional areas is $605,085.

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 the first month of 2024 with the national Home Value Index rising 0.4% in January.

Beneath this headline result, housing market performance remains diverse around the country.

While Perth home values rose 1.6% in January, three capitals recorded a subtle decline over the month.

At the same time many regional markets are now showing a stronger trend in value growth relative to the capital cities, with WA, SA and Queensland recording slower paces of growth than their capital city counterparts.

Rolling 3 Month Change In Dwelling Values Combined Capitals V Combined Regionals

Change in dwelling values around Australia

City Month Quarter Annual Total return Median value
Sydney 0.2% 0.1% 11.4% 14.6% $1,122,430
Melbourne -0.1% -0.9% 3.9% 7.4% $777,250
Brisbane 1.0% 3.2% 14.8% 19.5% $796,818
Adelaide 1.1% 3.7% 10.3% 14.8% $721,376
Perth 1.6% 4.9% 16.7% 22.2% $676,823
Hobart -0.7% -1.5% -0.4% 3.7% $651,807
Darwin 0.3% 0.7% -0.1% 5.7% $501,520
Canberra -0.2% 0.2% 1.2% 5.2% $842,971
Combined capitals 0.4% 1.0% 10.0% 13.8% $836,013
Combined regional 0.4% 1.2% 4.9% 9.5% $605,085
National 0.4% 1.0% 8.7% 12.8% $759,437

Source: CoreLogic 1st February 2024

  • The median dwelling price for Australia now sits at $759,437
  • The median dwelling price for our combined capital cities now sits at $836,013
  • The median dwelling price for our combined regional towns sits at $605,085

Current Australian house price trends

Of course, there is not one property market around Australia as the following chart clearly shows.

Change Indwelling Values To End Of January 2024

Despite the annual 8.1% increase, the year was punctuated by diversity, with the annual change in housing values ranging from a 15.2% surge in Perth to a -1.6% fall across regional Victoria.

The diversity across the capital cities can be broadly attributed to demand and supply - the cities where home value growth has been lower or negative through the year are showing higher than average levels of advertised supply alongside annual home sales which ended the year below the five year average.

Capital cities have generally recorded stronger growth conditions relative to regional areas.

Summary Of Housing Values Through The Recent Cycles

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 $777,250 -0.1% -0.9% 3.9%
Capital city houses $942,750 0.0% -0.8% 4.3%
Capital city units $608,181 -0.3% -1.3% 3.1%
Regional dwellings $568,691 0.0% 0.3% -1.3%

Source: CoreLogic, 1st February 2024

Melbourne's values have risen 10.9% since the onset of Covid, but have dropped -4.2% since it peaked in March 2022.

Clearly the Melbourne housing market has not performed as strongly as some other capitals this year.

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 at the end of last year show the market depth with multiple buyers vying for good properties.

Melbourne Auction Results 2023

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 $1,122,430 0.2% 0.1% 11.4%
Capital city houses $1,395,218 0.3% 0.9% 12.8%
Capital city units $828,525 0.0% 0.6% 7.7%
Regional dwellings $708,181 $ 0.4% 0.8% 2.9%

Source: CoreLogic, 1st February 2024

The Sydney property market saw home values defy predictions and rose 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 htis 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.

The Sydney auction market remained strong throughout 2023 suggesting sale prices will continue to remain firm into this new year.

Moving forward, the various sectors of the Sydney property markets will be fragmented, which is a more “normal” property market.

Sydney Auction Results 2023

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 $796,818 1.0% 3.2% 14.8%
Capital city houses $888,628 1.0% 3.2% 15.0%
Capital city units $568,595 1.1% 3.2% 13.6%
Regional dwellings $611,636 0.5% 1.8% 9.3%

Source: CoreLogic, 1st February 2024

Brisbane's housing market skyrocketed during the pandemic with 52% 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.

Brisbane Auction Results 2023

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 $721,376 1.1% 3.7% 10.3%
Capital city houses $774,969 1.1% 3.7% 10.2%
Capital city units $490,313 1.0% 3.9% 11.1%
Regional dwellings $392,982 0.9% 1.5% 8.7%

Source: CoreLogic, 1February 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 53.7 per cent.

The comparative affordability of the city’s homes has seen prices holding up better as interest rates have risen.

However, 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 medians 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.

Adelaide Auction Results 2023

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 $676,823 1.6% 4.9% 16.7%
Capital city houses $708,335 1.6% 5.0% 17.0%
Capital city units $475,011 1.3% 3.9% 14.0%
Regional dwellings $465,739 1.1% 3.9% 9.7%

Source: CoreLogic, 1st February 2024

Perth housing values remained flat for most of the last decade, but last year house and unit values in Perth enjoyed the most significant increases with a 49.9% surge and are currently at a peak.

However, I would avoid investing in Perth for a number of reasons:

  1. 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 uss 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.
  2. The Western Australian economy is too dependent on a couple of industries – especially the mining industry 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.

Perth

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 $651,807 -0.7% -1.5% -0.4%
Capital city houses $692,619 -0.8% -2.2% -0.5%
Capital city units $535,603 -0.1% 1.4% 0.1%
Regional dwellings $497,646 -0.7% -1.2% -1.5%

Source: CoreLogic, 1st February 2024

Hobart was the darling of speculative property investors and the best-performing property market in 2017- 2018

After rising 27.6% over the Covid period, Hobart dwelling values fell 12% after peaking in 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 $501,520 0.3% 0.7% -0.1%
Capital city houses $578,342 0.2% 0.5% 0.3%
Capital city units $372,152 0.4% 0.9% -0.6%
Regional dwellings n/a n/a n/a n/a

Source: CoreLogic, 1st February 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 24.5% over the Covid period, Darwin dwelling fell 6.6% after peaking in May 2022 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 $842,971 -0.2% 0.2% 1.2%
Capital city houses $968,248 -0.2% 0.4% 1.9%
Capital city units $586,891 -0.3% -0.6% -1.0%
Regional dwellings n/a n/a n/a n/a

Source: CoreLogic, 1st February 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 30.4% over the Covid period, Canberra's dwelling values fell and are still 6.7% below their peak in May 2022.

Canberra

The subdued Canberra auction clearance rates throughout 2023 were a sign of the weakness of the Canberra property market last year.

Canberra Auction Results 2023

About Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and one of Australia's 50 most influential Thought Leaders. His opinions are regularly featured in the media.
16 comments

As much as I respect your opinion Michael, Perth will outperform the majority of Australia for the next 2 years or so. It would take a very narrow sighted person to overlook this. I would also suggest not all eastern states buyers are being clumsy an ...Read full version

1 reply

Michael a good article and some good comments. Real Estate is such a big investment that one shouldn't get too distracted by theoretical cogitations. Expertise is overrated especially Economists. Sometimes I think it is better to do exactly the oppos ...Read full version

1 reply

He says don't invest in Perth? Big mistake!!!!

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