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Michael Yardney
By Michael Yardney
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The latest median property prices in Australia’s major cities

key takeaways

Key takeaways

Cotality’s (Corelogic) national Home Value Index rose another 0.5% in May, taking the national index 1.7% higher over the first five months of the year.

The gains were broad-based, with every capital city posting a rise of at least 0.4% through the month.

The median house price in Australia’s combined capital cities is now $1,025,742.

The median unit price in Australia’s capital cities is $697,233.

The median dwelling value in Australia’s combined regional areas is $678,818.

But of course, there are markets within markets, so we detail the median prices for each capital city in this article.

What’s Really Happening With Property Prices Right Now?

Every month, investors, homeowners, and would-be buyers turn to the latest median property price data, hoping to make sense of what’s happening in our housing markets.

And while the numbers give us important clues, they don’t tell the full story.

Right now, Australia’s property markets are still being pulled in different directions.

On the one hand, there is continued demand driven by strong population growth, tight rental markets, and a chronic undersupply of new homes.

On the other hand, relatively high interest rates, borrowing constraints, and affordability challenges are keeping some buyers on the sidelines.

That’s why it’s never been more important to look beyond the headlines.

In this update, I’ll break down what’s really going on behind the median price figures in each of our major capital cities.

What's Happening To Property Prices Right Now

But remember—there’s not one “Australian property market,” but many sub-markets moving at different speeds.

Let’s cut through the noise and look at what’s really happening on the ground.

Cotality’s national Home Value Index rose another 0.5% in May, taking the national index 1.7% higher over the first five months of the year.

The gains were broad-based, with every capital city posting a rise of at least 0.4% through the month.

Only Melbourne (-1.2%) and Canberra (-0.7%) have recorded an annual decline in dwelling values, demonstrating the resilience of the market through a period of relatively high interest rates and cost-of-living pressures.

Rolling 3 Month Change In Dwelling Values State Capitals

Regional markets are also showing a positive trend, with each of the ‘rest of state’ markets recording a rise in values through the year-to-date.

The strongest gains have been in Regional SA, where values are up 5.8% over the first five months of 2025.

At the other end of the spectrum, regional Tasmanian values have held reasonably flat over the same period, up just 0.1%.

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

 

Change in dwelling values around Australia

 
Change in dwelling values
 
Month
Quarter
Annual
Total return
Median value
Sydney
0.5%
1.1%
1.1%
4.1%
$1,203,395
Melbourne
0.4%
1.2%
-1.2%
2.4%
$791,303
Brisbane
0.6%
1.6%
7.1%
10.9%
$917,992
Adelaide
0.4%
1.3%
8.6%
12.5%
$829,695
Perth
0.7%
1.6%
8.6%
13.3%
$813,810
Hobart
0.6%
0.9%
1.0%
5.2%
$673,858
Darwin
1.6%
4.3%
3.9%
10.6%
$525,770
Canberra
0.4%
0.5%
-0.7%
3.5%
$855,663
Combined capitals
0.5%
1.2%
2.6%
6.2%
$911,537
Combined regional
0.4%
1.6%
5.3%
9.9%
$678,818
National
0.5%
1.3%
3.3%
7.0%
$831,288

Source: Cotality 1st June 2025

  • The median dwelling price for Australia now sits at $831,288.
  • The median dwelling price for our combined capital cities now sits at $911,537. 
  • The median dwelling price for our combined regional towns sits at $678,818. 

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", but as you can see from the table below, 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

Current Australian house price trends

What Drives Median Property Prices

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

Change In Dwelling Values To End Of May 2025

These uncertainties are more apparent in sales and listings volumes compared to home values – a trend compounded by the ‘super break’ many Australians took between Easter and ANZAC public holidays.

This slowdown in buying and selling was evident in weekly auction and new listing numbers.

 

Change In Dwelling Values Over Key Time Periods

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 $791,303 0.4% 1.2% -1.2%
Capital city houses $939,965 0.5% 1.2% -1.0%
Capital city units $614,689 0.4% 1.2% -1.6%
Regional dwellings $581,981 0.6% 1.3% 0.1%

Source: Cotality, 1st June 2025

Melbourne property values have risen 12.8% over the past 5 years, and 42.3% over the last decade, but are still -4.5% below their peak of March 2022, despite having risen 0.4% in May.

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 most 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.

More recently improving affordability and February's interest rate cut seems to have boosted Melbourne buyer a confidence creating renewed demand and price growth.

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.

3.6 Melbourne Auction Trend

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 $1,203,395 0.5% 1.1% 1.1%
Capital city houses $1,486,373 0.4% 1.3% 1.6%
Capital city units $859,811 0.5% 0.3% -0.2%
Regional dwellings $768,454 0.4% 1.4% 2.3%

Source: Cotality, 1st June 2025

The pace of Sydney property price growth has slowed significantly over the last months of 2024, but market sentiment has improved now that interest rates have moved lower and Sydney price falls of reversed.

Sydney house prices have risen 32.3% over the past 5 years, however Sydney dwelling prices are still -0.3% below its peak in September 2024.

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.

Buyer confidence has returned and those who have delayed purchases due to sustained high interest rates are re-entering the market and the year has started off with strong Sydney auction clearance rates reflecting strong depth of buyer sentiment and this is now reflecting in higher prices.

3.5 Sydney Auction Trend

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 $917,992 0.6% 1.6% 7.1%
Capital city houses $1,000,422 0.5% 1.5% 6.2%
Capital city units $709,823 1.1% 2.4% 11.8%
Regional dwellings $727,460 0.3% 1.7% 8.0%

Source: Cotality, 1st June 2025

Brisbane's housing market skyrocketed over the past 5 years with 73.6% trough to peak growth, and is currently at a new peak in price.

Brisbane has remained one of the strongest-performing markets over the few past years and our on-the-ground experience at Metropole Brisbane shows that there is still strong demand from both home buyers and property investors for A-grade homes and investment-grade properties, even though the rate of price increases is moderating.

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.

3.7 Brisbane Auction Trend

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 $829,695 0.4% 1.3% 8.6%
Capital city houses $882,157 0.3% 1.3% 8.3%
Capital city units $600,071 0.8% 1.2% 10.7%
Regional dwellings $480,662 1.2% 3.8% 12.4%

Source: Cotality, 1st June 2025

The Adelaide property market remains one of the country's top performing markets rising for the eighth consecutive quarter bringing prices to a record high.

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.

Cotality data shows Adelaide values recorded a 5-year "trough to peak" growth of 73.7 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.

3.8 Adelaide Auction Trend

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 $813,810 0.7% 1.6% 8.6%
Capital city houses $848,980 0.7% 1.5% 8.1%
Capital city units $607,022 0.8% 2.3% 13.1%
Regional dwellings $575,022 1.0% 2.5% 12.5%

Source: Cotality, 1st June 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 couple of years 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 be very careful  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 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.
  2. 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.
  3. 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 $673,858 0.6% 0.9% 1.0%
Capital city houses $715,165 0.7% 1.0% 1.4%
Capital city units $537,100 -0.1% 0.6% -1.0%
Regional dwellings $526,195 -1.1% -0.7% 2.3%

Source: Cotality, 1st June 2025

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

After rising 32% over the past 5 years, Hobart dwelling values fell and are still -11.1% 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 $525,770 1.6% 4.3% 3.9%
Capital city houses $612,640 1.9% 4.9% 4.8%
Capital city units $378,298 1.0% 3.2% 2.0%
Regional dwellings n/a n/a n/a n/a

Source: Cotality, 1st June 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 30.8% over the past 5 years, Darwin's dwelling fell 1.7% after peaking in May 2014.

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 $855,663 0.4% 0.5% -0.7%
Capital city houses $975,387 0.5% 0.8% -0.5%
Capital city units $594,769 -0.1% -0.6% -1.4%
Regional dwellings n/a n/a n/a n/a

Source: Cotality, 1st June 2025

Home prices in Canberra rose in April but are down -0.7% from their May 2024 levels.

Overall Canberra’s median house prices recorded 30.9% growth over the past 5 years but are still 6.4% below their peak in May 2022.

Canberra

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

3.9 Canberra Auction Trend

What should you do now as a property buyer?

Now that you’ve got the latest property price data at your fingertips—and hopefully a better understanding of what’s really happening on the ground—you’re already ahead of most buyers and investors.

But remember, data is only part of the picture. In my mind property investment is part science and part art.

The data is the science, but perspective is the art, and so it's important how you interpret the information and what you do with it.

If you’re serious about building wealth through property and want expert guidance to cut through the noise and avoid costly mistakes, why not organise a free Wealth Discovery Chat with the team at Metropole? Just click here to organise that. 

We’ve been helping Australians grow, protect, and pass on their wealth for over 26 years, and we’d love to help you too.

Because while the market will keep moving, your financial future doesn’t have to be left to chance.

Michael Yardney
About Michael Yardney Michael is the founder 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.
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[…] Yardney from Property Update reminded home sellers that there are markets within markets and local knowledge is essential during […]

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Hello Michael, Consumer advocate like Jenman argues that the actual auction clearance rate is currently closer to 30%, rather than the commonly reported 60%-70%. He suggests that real estate agents manipulate the figures by excluding withdrawn or ...Read full version

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