The average price of Australian residential property has risen over the past ten years, and in December 2024, it reached 976,800 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, with minor fluctuations in 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 April 2025. 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 10 percent increase from April 2024, 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 December quarter of 2024, the number of residential dwellings reached around 11.29 million, representing an increase of about 53,200 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, elevated mortgage interest rates in recent years 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.

Average House Prices in Australia increased to 1002.50 AUD Thousand in the first quarter of 2025 from 995.60 AUD Thousand in the fourth quarter of 2024. This dataset includes a chart with historical data for Australia Mean Dwelling Price.

Graph and download economic data for Residential Property Prices for Australia (QAUN368BIS) from Q1 1971 to Q4 2024 about Australia, residential, housing, and price.

Key information about House Prices Growth

• Australia house prices grew 2.9% YoY in Dec 2024, following an increase of 5.8% YoY in the previous quarter.
• YoY growth data is updated quarterly, available from Sep 2004 to Dec 2024, with an average growth rate of 5.8%.
• House price data reached an all-time high of 24.1% in Dec 2021 and a record low of -6.1% in Mar 2019.

Housing Index in Australia increased to 183.90 points in the fourth quarter of 2021 from 175.60 points in the third quarter of 2021. This dataset provides the latest reported value for - Australia House Price Index - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

In the metropolitan area of Melbourne, Australia, the median home price was approximately 860,000 Australian dollars in the year 2023. In 2022, the median house price was about 890,000 Australian dollars.

The house price-to-income ratio in Australia was ***** as of the fourth 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.

Median prices for dwellings/townhouses, and apartments by their year of settlement for the City of Melbourne.

Portugal, Canada, and the United States were the countries with the highest house price to income ratio in 2024. In all three countries, the index exceeded 130 index points, while the average for all OECD countries stood at 116.2 index points. The index measures the development of housing affordability and is calculated by dividing nominal house price by nominal disposable income per head, with 2015 set as a base year when the index amounted to 100. An index value of 120, for example, would mean that house price growth has outpaced income growth by 20 percent since 2015. How have house prices worldwide changed since the COVID-19 pandemic? House prices started to rise gradually after the global financial crisis (2007–2008), but this trend accelerated with the pandemic. The countries with advanced economies, which usually have mature housing markets, experienced stronger growth than countries with emerging economies. Real house price growth (accounting for inflation) peaked in 2022 and has since lost some of the gain. Although, many countries experienced a decline in house prices, the global house price index shows that property prices in 2023 were still substantially higher than before COVID-19. Renting vs. buying In the past, house prices have grown faster than rents. However, the home affordability has been declining notably, with a direct impact on rental prices. As people struggle to buy a property of their own, they often turn to rental accommodation. This has resulted in a growing demand for rental apartments and soaring rental prices.

Australia House Price Index: Nominal: sa data was reported at 155.820 2015=100 in Sep 2024. This records an increase from the previous number of 152.732 2015=100 for Jun 2024. Australia House Price Index: Nominal: sa data is updated quarterly, averaging 26.614 2015=100 from Mar 1970 (Median) to Sep 2024, with 219 observations. The data reached an all-time high of 155.820 2015=100 in Sep 2024 and a record low of 2.459 2015=100 in Mar 1970. Australia House Price Index: Nominal: sa data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Australia – Table AU.OECD.AHPI: House Price Index: Seasonally Adjusted: OECD Member: Quarterly. Whole country; Seasonnally adjusted by OECD, using the X-12 ARIMA method;

Housing Affordability Index: South Australia: Adelaide data was reported at 126.200 Index in Jun 2010. This records a decrease from the previous number of 138.200 Index for Mar 2010. Housing Affordability Index: South Australia: Adelaide data is updated quarterly, averaging 182.084 Index from Sep 1984 (Median) to Jun 2010, with 104 observations. The data reached an all-time high of 308.743 Index in Sep 1997 and a record low of 113.400 Index in Jun 2008. Housing Affordability Index: South Australia: Adelaide data remains active status in CEIC and is reported by Housing Industry Association. The data is categorized under Global Database’s Australia – Table AU.EB019: Housing Affordability Index: Based on Commonwealth Bank of Australia Home Price (Discontinued). Rebased Index. Replacement series ID: 305195901

As of April 2025, Sydney had the highest median residential property value compared to other capital cities in Australia, with an average dwelling value of around **** million Australian dollars. Brisbane followed, with a median residential dwelling value of around ******* Australian dollars.

This report analyses the price of residential housing in Australia. This is measured by taking the average of the residential property price index produced by the Australian Bureau of Statistics (ABS). The index is an aggregation of an established house price index and an attached dwellings price index. The index measures the price change in all residential dwellings in Australia's eight major capital cities. The data for this report is sourced from the ABS and has an index base year of 2011-12.

This statistic displays the median price for dwellings in major cities in Australia, as of ***********. That year, the median price for a dwelling in Darwin was about *** thousand Australian dollars.

Housing Affordability Index: Western Australia: Perth data was reported at 104.500 Index in Jun 2010. This records a decrease from the previous number of 106.800 Index for Mar 2010. Housing Affordability Index: Western Australia: Perth data is updated quarterly, averaging 210.427 Index from Sep 1984 (Median) to Jun 2010, with 104 observations. The data reached an all-time high of 276.786 Index in Dec 1984 and a record low of 90.909 Index in Mar 2007. Housing Affordability Index: Western Australia: Perth data remains active status in CEIC and is reported by Housing Industry Association. The data is categorized under Global Database’s Australia – Table AU.EB019: Housing Affordability Index: Based on Commonwealth Bank of Australia Home Price (Discontinued). Rebased Index. Replacement series ID: 305195701

Australia Consumer Price Index (CPI): Weights: Housing: Other: Property Rates & Charges data was reported at 1.465 % in Mar 2025. This stayed constant from the previous number of 1.465 % for Dec 2024. Australia Consumer Price Index (CPI): Weights: Housing: Other: Property Rates & Charges data is updated quarterly, averaging 1.540 % from Sep 2017 (Median) to Mar 2025, with 31 observations. The data reached an all-time high of 1.630 % in Sep 2021 and a record low of 1.440 % in Sep 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.

CPI: MoM: Housing: New Dwelling Purchase by Owner-Occupiers data was reported at -0.100 % in Mar 2025. This stayed constant from the previous number of -0.100 % for Feb 2025. CPI: MoM: Housing: New Dwelling Purchase by Owner-Occupiers data is updated monthly, averaging 0.200 % from Oct 2017 (Median) to Mar 2025, with 90 observations. The data reached an all-time high of 2.500 % in Dec 2021 and a record low of -1.000 % in Feb 2021. CPI: MoM: Housing: New Dwelling Purchase by Owner-Occupiers 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.I002: Consumer Price Index: Sep 2017=100: Monthly.

In the June quarter of 2024, the average residential property price in Queensland exceeded 885 thousand Australian dollars. This marked the highest quarterly mean dwelling price in Queensland during the reported period.

Housing Affordability Index: Australia data was reported at 108.300 Index in Jun 2010. This records a decrease from the previous number of 119.200 Index for Mar 2010. Housing Affordability Index: Australia data is updated quarterly, averaging 169.938 Index from Sep 1984 (Median) to Jun 2010, with 104 observations. The data reached an all-time high of 226.000 Index in Sep 1997 and a record low of 107.200 Index in Mar 2008. Housing Affordability Index: Australia data remains active status in CEIC and is reported by Housing Industry Association. The data is categorized under Global Database’s Australia – Table AU.EB019: Housing Affordability Index: Based on Commonwealth Bank of Australia Home Price (Discontinued). Rebased Index. Replacement series ID: 305195001

Changing trends in building investment have exposed the Land Development and Subdivision industry to wide annual fluctuations in the price and volume of land sales. The volume of greenfield land sales for residential projects more than doubled from a low in 2018-19 to a peak in 2020-21, corresponding with the surge in single-unit dwelling commencements in response to the Federal Government's HomeBuilder stimulus and historically low interest rates. However, the reversal of this stimulus and hiked mortgage interest rates since 2021-22 have stifled demand. Revenue is expected to have plunged at an annualised 10.0% over the five years through 2024-25 to $15.7 billion. This trend includes an anticipated minor recovery in revenue of 1.7% in 2024-25. Developers focusing on high-density land for non-residential building projects have benefited from the upswing in investment in this market since a pandemic-induced dip in 2020-21. Robust growth in commercial and industrial land development for offices, transport terminals and warehousing projects has provided opportunities to commercial property developers like Frasers Property Australia and Salta Properties. Still, the slump in single-unit house investment since the 2021-22 peak has dampened residential land development and subdivisions by some of the industry’s largest developers, like Satterley, Peet Limited, Avid Property Group and AVJennings. Intense conditions in the residential land market and supply chain blockages following the COVID-19 outbreak have dampened industry profitability. The industry's performance will rebound in response to improving land development opportunities in high-density apartment and townhouse construction. Mounting population pressures, higher residential house prices, Federal Government stimulus under the Housing Australia Future Fund (HAFF) and the construction of build-to-rent (BTR) developments will underpin this construction activity. Opportunities will gradually emerge for developing single-unit housing blocks and subdivisions, but investment will be sluggish in the non-residential building market. The median value of residential developments will rebound on the back of higher residential housing prices and the gradually rising volume of residential land development to meet increasing dwelling commencements. Industry revenue is forecast to climb at an annualised 5.6% over the five years through 2029-30, to $20.6 billion.