Graph and download economic data for Real Residential Property Prices for Australia (QAUR368BIS) from Q1 1971 to Q3 2024 about Australia, residential, housing, real, and price.

In 2024, Sydney had the highest price per square meter of land across major cities in Australia. Lot buyers expected to pay a premium of 1,617 Australian dollars per square meter in the capital of New South Wales. Conversely, lot buyers in Adelaide expected to spend around 750 Australian dollars per square meter of land. Prices through the roof Over the past decade, the surge in land and housing costs has been attributed to rapid population growth, driving up median prices for property and land, particularly in cities. In Sydney, the per square meter price of land has almost tripled since 2010, while the number of new property listings has declined over the years. A shortage of residential land available to build on has exacerbated the housing affordability crisis in Australia. Will lending rates continue to climb? The homeownership dream is out of reach for the average Australian without a housing loan. Nevertheless, Australia's high mortgage interest rates for both owner-occupiers and investors have impacted current and aspiring mortgage holders, with the value of household lending trending downwards over the past two years. While rates remained high in the first half of 2024, they likely reached their peak, as shown by the gradual plateau in the second half of the year. This stabilization should, in turn, accelerate buying, selling, and lending activities.

The average price of Australian residential property has risen over the past ten years, and in September 2024, it reached a new high of 985,900 Australian dollars. Nonetheless, property experts in Australia have indicated that the country has been in a property bubble over the past decade, with some believing the market will collapse sometime in the near future. Property prices started declining in 2022; however, a gradual upward trend was witnessed throughout 2023 and 2024. Australian capital city price differences While the national average residential property price has exhibited growth, individual capital cities display diverse trends, highlighting the complexity of Australia’s property market. Sydney maintains its position as the most expensive residential property market across Australia's capital cities, with a median property value of approximately 1.19 million Australian dollars as of December 2024. Brisbane has emerged as an increasingly pricey capital city for residential property, surpassing both Canberra and Melbourne in median housing values. Notably, Perth experienced the most significant annual increase in its average residential property value, with a 19.1 percent increase from December 2023, despite being a comparably more affordable market. Hobart and Darwin remain the most affordable capital cities for residential properties in the country. Is the homeownership dream out of reach? The rise in property values coincides with the expansion of Australia's housing stock. In the September quarter of 2024, the number of residential dwellings reached around 11.25 million, representing an increase of about 53,100 dwellings from the previous quarter. However, this growth in housing supply does not necessarily translate to increased affordability or accessibility for many Australians. The country’s house prices remain largely disproportional to income, leaving the majority of low and middle-income earners priced out of the market. Alongside this, hikes in mortgage interest rates have made taking out a loan increasingly unappealing for many potential property owners, and the share of mortgage holders at risk of mortgage repayment stress has continued to climb.

Key information about House Prices Growth

• Australia house prices grew 6.6% YoY in Sep 2024, following an increase of 6.7% YoY in the previous quarter.
• YoY growth data is updated quarterly, available from Sep 2004 to Sep 2024, with an average growth rate of 6.0%.
• House price data reached an all-time high of 24.1% in Dec 2021 and a record low of -6.1% in Mar 2019.

CEIC calculates quarterly House Price Index Growth from quarterly Residential Dwellings: Mean Price of Eight Capital Cities. The Australian Bureau of Statistics provides Residential Dwellings: Mean Price of Eight Capital Cities in local currency. House Price Index Growth prior to Q3 2012 is calculated from Residential Property Price Index: Weighted Average of Eight Capital Cities.

In 2024, one square meter of greenfield land cost an average of 1,617 Australian dollars in Sydney, marking an increase of over 100 Australian dollars from the previous year. Sydney has one of the highest land price rates for greenfield development in Australia.

Key information about Australia Real Residential Property Price Index Growth

• Australia Real Residential Property Price Index Growth was reported at 4.236 % in Sep 2024.
• This records a decrease from the previous number of 4.821 % for Jun 2024.
• Australia Real Residential Property Price Index Growth data is updated quarterly, averaging 2.459 % from Mar 1971 to Sep 2024, with 215 observations.
• The data reached an all-time high of 28.785 % in Mar 1989 and a record low of -12.290 % in Mar 2023.
• Australia Real Residential Property Price Index Growth data remains active status in CEIC and is reported by Bank for International Settlements.
• The data is categorized under World Trend Plus’s Association: Property Sector – Table RK.BIS.RPPI: Selected Real Residential Property Price Index: 2010=100: Quarterly: YoY %.

In 2024, one square meter of greenfield land cost an average of 877 Australian dollars in Perth, Australia. This marked a significant increase from the previous year and a recovery from the five-year decreasing trend in land prices for that region witnessed between 2015 to 2020.

Key information about Australia Nominal Residential Property Price Index

• Australia Nominal Residential Property Price Index was reported at 194.344 2010=100 in Sep 2024.
• This records an increase from the previous number of 192.070 2010=100 for Jun 2024.
• Australia Nominal Residential Property Price Index data is updated quarterly, averaging 32.952 2010=100 from Mar 1970 to Sep 2024, with 219 observations.
• The data reached an all-time high of 194.344 2010=100 in Sep 2024 and a record low of 3.127 2010=100 in Mar 1970.
• Australia Nominal Residential Property Price Index data remains active status in CEIC and is reported by Bank for International Settlements.
• The data is categorized under World Trend Plus’s Association: Property Sector – Table RK.BIS.RPPI: Selected Nominal Residential Property Price Index: 2010=100: Quarterly.

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Provides estimates of changes in residential property prices in each of the eight capital cities of Australia and related statiastics. The information is presented in the form of price indexes for established houses and attached dwellings as well as an aggregated residential property price index. Estimates relating to the total value of the dwelling stock, transfer counts and medians are also provided.

Real residential property prices Y-on-Y, percent change in Australia, September, 2024 The most recent value is 4.24 percent as of Q3 2024, a decline compared to the previous value of 4.82 percent. Historically, the average for Australia from Q1 1990 to Q3 2024 is 3.03 percent. The minimum of -12.29 percent was recorded in Q1 2023, while the maximum of 19.49 percent was reached in Q4 2021. | TheGlobalEconomy.com

In 2024, one square meter of greenfield land cost an average of 992 Australian dollars in South East Queensland, Australia. This was the highest price recorded in the past decade for that region.

The Outlook of the Australian Commercial Property Market Report is Segmented by Type (office, Retail, Industrial and Logistics, Hospitality, and Other Types) and by Key Cities (Sydney, Melbourne, Brisbane, Adelaide, Canberra, and Perth). The Report Offers Market Sizes and Forecasts in Value (USD) for all the Above Segments.

Australia Consumer Price Index (CPI): Weights: Housing: Other: Property Rates & Charges data was reported at 1.440 % in Dec 2024. This stayed constant from the previous number of 1.440 % for Sep 2024. Australia Consumer Price Index (CPI): Weights: Housing: Other: Property Rates & Charges data is updated quarterly, averaging 1.540 % from Sep 2017 (Median) to Dec 2024, with 30 observations. The data reached an all-time high of 1.630 % in Sep 2021 and a record low of 1.440 % in Dec 2024. Australia Consumer Price Index (CPI): Weights: Housing: Other: Property Rates & Charges data remains active status in CEIC and is reported by Australian Bureau of Statistics. The data is categorized under Global Database’s Australia – Table AU.I010: Consumer Price Index: Weights: 17th Series.

In 2024, one square meter of greenfield land cost an average of 751 Australian dollars in Adelaide, Australia. This marked an increase in green land cost per square meter compared to the previous year.

These tables show the overall changes in statutory land values since the previous annual valuation. NV indicates that the local government area was not valued in that year. For more information, read about Statutory land valuations.

Note information about the following local government areas:

1. Douglas de-amalgamated from Cairns from 2014.
2. Livingstone de-amalgamated from Rockhampton from 2014.
3. Mareeba de-amalgamated from Tablelands from 2014.
4. Noosa de-amalgamated from Sunshine Coast from 2014.

You can access free bulk NSW land value information from July 2017 onwards.

A zip file is published on a monthly basis containing a data file for each Local Government Area. These files contain property data and land values going back up to five valuing years for all current properties at the time of file creation.

Data files are delivered in comma-separated values (CSV) file format. They can be imported into most spreadsheet and database programs.

Bulk land value information is available under open access licensing as part of the NSW Government Open Data Policy and is subject to the Creative Commons Attribution 4.0 Licence.

Valuation Services, a division of Property NSW, manages the valuation system on behalf of the Valuer General.

The house price-to-income ratio in Australia was 122.1 as of the third quarter of 2024. This ratio, calculated by dividing nominal house prices by nominal disposable income per head, increased from the previous quarter. The price-to-income ratio can be used to measure housing affordability in a specific area. Australia's property bubble There has been considerable debate over the past decade about whether Australia is in a property bubble or not. A property bubble refers to a sharp increase in the price of property that is disproportional to income and rental prices, followed by a decline. In Australia, rising house prices have undoubtedly been an issue for many potential homeowners, pricing them out of the market. Along with the average house price, high mortgage interest rates have exacerbated the issue. Is the homeownership dream out of reach? Housing affordability has varied across the different states and territories in Australia. In 2024, the median value of residential houses was the highest in Sydney compared to other major Australian cities, with Brisbane becoming an increasingly expensive city. Nonetheless, expected interest rate cuts in 2025, alongside the expansion of initiatives to improve Australia's dwelling stock, social housing supply, and first-time buyer accessibility to properties, may start to improve the situation. These encompass initiatives such as the Australian government's Help to Buy scheme and the Housing Australia Future Fund Facility (HAFFF) and National Housing Accord Facility (NHAF) programs.

Sales Data contains information about the sale of freehold and leasehold properties within Western Australia. This dataset is derived from; information from Transfer of Land documents registered at Landgate subject to the Transfer of Land Act 1943 for each of the last 3 sales of the property, and known property attribute information at the time of last sale, that was gathered subject to the Valuation of Land Act 1977. This dataset reflects information about the last three sales of property dating back to 1988. As the information is gathered from 2 different sources of stored data, that have been captured to service the requirements of independent Legislation, data contained in this dataset is subject to anomalies and may not necessarily meet the intended purpose of the user. © Western Australian Land Information Authority. Use of Landgate data is subject to Personal Use License terms and conditions unless otherwise authorised under approved License terms and conditions.

In the third quarter of 2024, the house price-to-rent ratio in Australia was estimated at 130.4, marking a decrease from the same quarter of the previous year. An indicator of how strong the property market is, the house price-to-rent ratio was calculated by dividing nominal house prices by rent price indices. After reaching a peak in 2017, the price-to-rent ratio decreased each quarter until the third quarter of 2019. From then on, the house price-to-rent ratio continued to increase, reaching a high in the first quarter of 2022. Since the second quarter of 2022, the house price-to-rent ratio has started to trend downward. Is Australia in a property bubble? Many industry experts believe the country is in a property bubble, indicated by the rapid increase in Australian property market prices to the point that they are no longer relative to incomes and rents, followed by a decline. The house price-to-income ratio has been on an upward trend over the past two years, hitting 122.1 in the third quarter of 2024. Rental property demand In December 2024, the rental vacancy rate, which indicates how many properties are available for rent out of all the rental stock, was relatively high in Melbourne, Canberra, and Sydney. That year, the average weekly rent prices varied across the country depending on the city, with the highest average weekly rents for houses and units in Sydney and Canberra. Hobart, on the other hand, had the most affordable rental properties across Australia's capital cities.

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