The Latest Median Property Prices in Australia's Major Cities

CEO Khai Intela
Introduction Are you curious about the current property market in Australia's major cities? Wondering how the median property prices have been affected? In this article, we'll explore the latest data and trends to give you...

Introduction

Are you curious about the current property market in Australia's major cities? Wondering how the median property prices have been affected? In this article, we'll explore the latest data and trends to give you a better understanding of the real estate landscape. Whether you're an investor or simply interested in the market, this information will provide valuable insights. So, let's dive in!

Current Australian House Price Trends

It's important to note that the property market in Australia is not uniform across all cities. As you can see from the chart below, there is significant diversity in the annual change in housing values.

Change In Dweeling Values For 2023 Image source: CoreLogic

Despite an overall 8.1% increase, different cities experienced varying growth rates. For instance, Perth saw a remarkable 15.2% surge, while regional Victoria witnessed a -1.6% decline. The diversity can be attributed to factors such as demand, supply, and advertised levels. Generally, capital cities have shown stronger growth conditions compared to regional areas.

Housing Values Through Recent Cycles Image source: CoreLogic

What You Need to Know about Median House Prices

Understanding median house prices can be useful as they provide a rough guide for investors. However, it's crucial not to rely solely on this data. Median prices tend to fluctuate from quarter to quarter and reflect the properties recently sold in an area, rather than specific property values. In areas with variable housing quality, the median price becomes less useful, as some properties are more valuable than others. On the other hand, in areas with similar housing stock, the median house price holds more relevance.

Melbourne's Median Property Price

Let's take a closer look at Melbourne's property market. According to the latest data, here are the median property prices:

  • All dwellings: $780,457
  • Capital city houses: $948,041
  • Capital city units: $610,122
  • Regional dwellings: $564,983

Source: CoreLogic, 2nd January 2024

Melbourne's property values have risen by 4.5% since hitting their lowest point in January 2023. While Melbourne hasn't performed as strongly as some other capitals, it's worth noting that more than 50 Victorian suburbs saw house price growth exceed the national average in 2023. This indicates pockets of opportunity within the market.

Sydney's Median Property Price

Moving on to Sydney, here are the latest median property prices:

  • All capital city dwellings: $1,128,322
  • Capital city houses: $1,400,630
  • Capital city units: $834,578
  • Regional dwellings: $711,891

Source: CoreLogic, 2nd January 2024

The Sydney property market defied predictions and experienced steady growth in 2023, with some areas seeing increases of up to $1.5 million. Demand drivers such as rental supply shortages and the rebound in international migration have contributed to this growth. However, certain areas, like Central Coast and Baulkham Hills, underperformed due to significant growth during the Covid lockdowns. Auction results indicate a strong market depth, suggesting that sale prices will remain firm.

Brisbane's Median Property Price

Let's explore the latest data on Brisbane's median property prices:

  • All capital city dwellings: $787,217
  • Capital city houses: $875,991
  • Capital city units: $561,016
  • Regional dwellings: $611,797

Source: CoreLogic, 2nd January 2024

Brisbane's housing market skyrocketed during the pandemic, experiencing 45.3% growth from its trough to peak. Since peaking in May 2022, dwelling values fell by 8.9% but have now risen to a new peak in December 2023. Strong demand for A-grade homes and investment-grade properties, coupled with limited supply, continues to support rising home values.

Adelaide's Median Property Price

Now, let's delve into Adelaide's property market and its median property prices:

  • All capital city dwellings: $711,604
  • Capital city houses: $763,606
  • Capital city units: $484,652
  • Regional dwellings: $390,023

Source: CoreLogic, 1st December 2023

Adelaide's property market has been one of the best-performing capital cities, recording a COVID-19 "trough to peak" growth of 52.3%. The city's comparative affordability and better holding of prices, coupled with low stock levels, have contributed to its resilience. Several suburbs, including Seacliff and Glenelg North, have entered the million-dollar club, further boosting Adelaide's market.

Perth's Median Property Price

Now, let's explore the latest data on Perth's median property prices:

  • All capital city dwellings: $660,754
  • Capital city houses: $691,100
  • Capital city units: $464,380
  • Regional dwellings: $462,062

Source: CoreLogic, 2nd January 2024

Perth's housing market remained flat for most of the past decade. However, in 2023, both house and unit values saw significant increases, with a surge of 15.2%. Nevertheless, investing in Perth comes with certain risks due to its dependency on sectors like mining and energy. The city's property market is susceptible to downturns in these industries.

Hobart's Median Property Price

Let's take a look at the latest data on Hobart's median property prices:

  • All capital city dwellings: $656,947
  • Capital city houses: $700,810
  • Capital city units: $533,056
  • Regional dwellings: $506,940

Source: CoreLogic, 2nd January 2024

Hobart experienced significant growth in 2017-2018 but has been an underperformer for much of 2023. After peaking in March 2022, dwelling values fell by 11.8% and continue to remain below their previous peak. However, it's important to consider the city's relative affordability and the potential for future growth.

Darwin's Median Property Price

Lastly, let's explore the latest data on Darwin's median property prices:

  • All capital city dwellings: $496,309
  • Capital city houses: $578,741
  • Capital city units: $369,968
  • Regional dwellings: Not available

Source: CoreLogic, 2nd January 2024

Darwin remains the most affordable city to purchase a house, attracting buyers with its relaxed lifestyle and low-density population. After rising 27.3% over the Covid period, dwelling values fell by 5.2% but remain below their previous peak. As with any city, it's important to consider the economic factors influencing property prices.

Canberra's Median Property Price

Let's wrap up our exploration of Australia's major cities with the latest data on Canberra's median property prices:

  • All capital city dwellings: $843,171
  • Capital city houses: $967,864
  • Capital city units: $591,215
  • Regional dwellings: Not available

Source: CoreLogic, 2nd January 2024

Canberra has been a "quiet achiever" in the property market, with median house prices growing by 38.3% over the recent boom. The city's rising interest from investors and tight land releases have contributed to this growth. Despite a 7.8% decline since its peak in May 2022, Canberra's market has remained relatively stable. It's worth noting the increased competition among potential buyers due to low stock levels.

I hope this overview of Australia's major cities' property market gives you a better understanding of the current trends. Remember, it's essential to conduct thorough research and seek professional advice before making any investment decisions.

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