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

The latest median property prices in Australia’s major cities

The overall downtrend in our property markets is becoming more evident.

Decreasing affordability in our 2 big capitals, a significant rise in fixed mortgage rates, rising variable rates, uncertainty about inflation and the media full of stories of real estate Armageddon have dampened buyer enthusiasm.

And vendors are becoming more nervous, with fewer properties coming available for sale while some vendors are selling before auction rather than testing the market, and others are withdrawing their properties from sale.

Today's market conditions are very different to this time last year when Australia’s property markets were in a state of desperate frenzy with auction clearance rates along the eastern seaboard delivering boom-time results.

Price Fall

Housing markets lost more steam in May as a combination of higher interest rates, rising inventory levels and lower sentiment dampened conditions.

The latest CoreLogic’s Home Value Index (HVI) showed Sydney (-1.0%) and Melbourne (-0.7%) dwelling values continued to record the most significant month-on-month falls, while Canberra (-0.1%) recorded its first monthly decline since July 2019.

Although housing values continued to rise across the remaining capitals, the growth was not enough to offset the depreciation in SydneyMelbourne and Canberra, which pushed the combined capitals index -0.3% lower over the month.

The rate of growth in the average house price is slowing and the median dwelling price for Australia now sits at $752,507 driven by a perfect storm for rising property prices: low-interest rates and low housing supply at a time of strong demand for home buyers and investors.

Breaking down this figure further, the median house price in Australia’s combined capital cities is $829,390 while the median house value in Australia’s combined regional areas is $597,074.

The median unit price in Australia’s capital cities has risen to $647,204.

Of course, there isn’t one unit or apartment market in Australia.

Family-friendly suburban apartments are in strong demand while CBD high-rise lookalike Legoland apartments are definitely out of favour by both owner-occupiers and tenants.

Index Results As At 31 May

Rolling 3 Month Change In Dwelling Values Combines Capitals V Combined Regionals 01 June

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.

Property Price Boost

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 a 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.

Having said that, here we have put together a list of Australian house prices, broken down into the median house prices in each major city and its regional markets.

Melbourne's median property price

Melbourne’s property market has been flatlining so far this year with limited "overall" growth.


Yet Melbourne is experiencing a surge in new properties listed for sale and this giving buyers ample choice which has resulted in FOMO (fear of missing out) disappearing as property buyers take their time making more informed decisions rather than jumping in and taking shortcuts on due diligence like they did last year.

There is currently a clear flight to quality with A Grade homes and "investment grade" properties still in short supply for the prevailing strong demand, but B Grade properties are taking longer to sell and informed buyers are avoiding C Grade properties.

While Melbourne’s preliminary auction clearance rates this time last year were around 80%, they are currently holding around the high 60s, which means Melbourne is moving from being more of a seller's market into a buyer's market.

Last year Melbourne house prices rose rapidly, however with affordability causing price growth to slow, we have pulled together the latest data on the average house price and average property price for Melbourne.

With higher inventory levels and less competition, buyers are gradually getting some leverage back.

Homes are taking about a week longer to sell compared with last year and vendor discounting rates have picked up a little.

Median property prices for Melbourne

Median/average value/price MoM change  QoQ change  Annual change 
Capital city dwellings $806,196 -0.7% -0.8% 5.8%
Capital city houses $992,474 -0.8% -1.3% 6.9%
Capital city units $629,344 -0.3% 0.3% 3.5%
Regional dwellings $594,056 0.4% 2.1% 17.6%

Source: Corelogic, 1st June 2022

Sydney's median property price

Last year  Sydney house prices continued to steam ahead, with median prices soaring to new highs amid a strengthening market.

So far this year the Sydney housing market has languished with little overall growth, however, there are still plenty of transactions occurring.

It's a bit like having one hand in a bucket of hot water and the other in a bucket of cold water and saying "on average I'm comfortable."

The number of properties newly listed for sale is rising again but currently, buyers are taking their time and contemplating their decisions.


The weaker conditions can also be seen in less transactional activity, with estimates of home sales down almost 40% compared with the March quarter a year ago, albeit with some likely disruption from the latest wave of COVID and weather-related events on the housing market’s activity.

FOMO (fear of missing out) is no more and buyers are not willing to take shortcuts or make compromises on their property selection like they were last year.

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

This year property values in some locations will continue to rise, some will increase in value moderately and some locations will languish, and a few areas will experience falling property values, based on local affordability as well as supply and demand.

The number of properties newly listed for sale is rising again but currently, buyers are taking their time and contemplating their decisions.

Here we have pulled together the latest data on the median property price for Sydney.

Median property prices for Sydney

Median/average value/price MoM change  QoQ change  Annual change 
Capital city dwellings $1,120,836 -1.0% -1.4% 10.3%
Capital city houses $1,403,964 -1.1% -1.3% 12.0%
Capital city units $829,598 -0.7% -1.6% 6.2%
Regional dwellings $746,839 0.4% 3.3% 24.0%

Source: Corelogic,  1st June 2022

Brisbane's median property price

BrisbaneBrisbane was the strongest property market in 2021 exhibiting astonishing growth, with many locations experiencing 30+%  house price growth.

Housing values are still rising but much more slowly and even though growth is slowing in other parts of Australia, Brisbane's housing markets are continuing to perform strongly this year.

Sure it recently suffered from devastating floods, but history shows the resilience of the Brisbane property market which bounces back quickly.

It seems the floods acted as a circuit breaker for the white-hot Brisbane housing market, but our on the ground experience at Metropole Brisbane is that the market is still going gangbusters.

There just are not enough new properties coming onto the market for sale to satisfy the many home buyers and investors wanting to buy in Brisbane.

Moving forward, the Brisbane real estate price trends are expected to continue to attract strong demand for homes, particularly in lifestyle areas, with the average property price in Brisbane likely to deliver double-digit capital growth over the next 12 months.

Here we have pulled together the latest data on the average property price in Brisbane.

Median property prices for Brisbane

Median/average value/price MoM change  QoQ change  Annual change
Capital city dwellings $779,895 0.8% 4.6% 27.8%
Capital city houses $885,633 0.8% 4.7% 30.2%
Capital city units $498,521 1.2% 4.3% 15.7%
Regional dwellings $557,479 0.6% 4.5% 23.9%

Source: Corelogic, 1st June 2022

Adelaide's median property price

AdelaideAdelaide housing values continue to outperform with the median dwelling value of approximately $629,000.

Adelaide 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.

The supply of new housing stock for sale is very tight at a time when competition for property remains strong.

Total advertised listings are more than 40% below the previous five-year average, while total sales were estimated to be 53% above the previous five-year average through the first quarter of the year.

Here we have pulled together the latest data on Adelaide property prices.

Median property prices for Adelaide

Median/average value/price MoM change  QoQ change  Annual change
Capital city dwellings $628,744 1.8% 5.7% 26.1%
Capital city houses $687,635 1.9% 5.9% 28.1%
Capital city units $416,332 1.6% 4.5% 13.9%
Regional dwellings $330,229 1.3% 6.2% 21.1%

Source: Corelogic, 1st June 2022

Perth's median property price

Perth housing values have recently shown a renewed growth trend.

The re-acceleration in housing values may be attributable to stronger internal migration rates as state borders have reopened, along with the strongest jobs growth of any state over the past year and the most affordable housing prices of any state capital.

PerthWith the Perth median house price rising, strong rental conditions, and high rental yields along with improving demographic and economic conditions, it’s likely the Perth housing market will continue its upward trajectory for the rest of the year.

But the attractive property prices in Western Australia do not mean that investors should jump into the Perth property market – there are better opportunities in other parts of Australia.

The problem is the Western Australian economy is too dependent on one industry – the mining industry and much of this is dependent on China, and this has a direct knock-on effect on WA house prices.

Here we have pulled together the latest data on Perth property prices.

Median property prices for Perth

Median/average value/price MoM change  QoQ change  Annual change
Capital city dwellings $555,538 0.6% 2.7% 5.6%
Capital city houses $582,550 0.6% 2.8% 5.9%
Capital city units $410,850 0.7% 1.5% 3.6%
Regional dwellings $407,159 0.6% 2.5% 9.4%

Source: Corelogic, 1st June 2022

Hobart's median property price

Hobart PreviewHobart was the darling of speculative property investors and the best-performing property market in 2017- 8 and was the second strongest performing capital city last year.

Hobart property prices have been supported by strong demand and weak market supply.

Here we have pulled together the latest data on Tasmania’s property prices.

Median property prices for Hobart

Median/average value/price MoM change  QoQ change  Annual change
Capital city dwellings $738,399 0.3% 0.3% 17.3%
Capital city houses $796,595 0.1% 0.0% 17.0%
Capital city units $590,074 1.3% 2.0% 18.6%
Regional dwellings $534,778 0.9% 3.9% 25.4%

Source: Corelogic, 1st June 2022

Darwin's median property price

Darwin PreviewDarwin is no longer the most affordable city to purchase a house as Darwin's house prices overtake those in Perth, a title it had held since the beginning of 2020.

The city’s famously relaxed and laid-back lifestyle and low-density population - a bonus amid the post-pandemic era - is driving interest in Darwin property.

And the positive data suggests this will continue in the near term.

Here we have pulled together the latest data on Darwin property prices.

Median property prices for Darwin

Median/average value/price MoM change (%) QoQ change (%) Annual change
Capital city dwellings $504,306 0.5% 2.2% 6.4%
Capital city houses $583,725 0.8% 2.9% 4.8%
Capital city units $369,806 -0.2% 1.0% 9.6%
Regional dwellings n/a n/a n/a n/a

Source: Corelogic, 1st June 2022

Canberra's median property price

Canberra’s property market has been a “quiet achiever” with median house prices recording 18.6% growth over the last year to reach a new record median of $1,070,403  according to CoreLogic.

A number of factors have been driving house price increases in Canberra and the wider ACT.

These included rising interest from international and interstate investors, low-interest rates and tight land releases among others.

CanberraMedian house prices in the inner north, inner south, and Woden Valley are now all above seven digits.

But unit price growth has been more restrained as the development boom of recent years contains prices.

Here is what's happening to median prices in Australia's capital.

Median property prices for Canberra

Median/average value/price MoM change  QoQ change  Annual change
Capital city dwellings $940,026 -0.1% 2.2% 18.7%
Capital city houses $1,070,403 -0.4% 1.8% 18.6%
Capital city units $622,437 0.9% 3.7% 18.9%
Regional dwellings n/a n/a n/a n/a

Source: Corelogic, 1st June 2022

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. Visit

I like Sydney! )

0 replies

Thanks for picking that Phil :-(

0 replies

Is the figure of a 222.2% increase a typo? 22.2% perhaps.

1 reply


Copyright © Michael Yardney’s Property Investment Update Important Information
Content Marketing by GridConcepts