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.

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

Sydney had the highest median house value compared to other capital cities in Australia as of December 2024, with a value of over 1.47 million Australian dollars. Brisbane similarly had relatively high average residential housing values, passing Canberra and Melbourne to top the pricing markets for real estate across the country alongside Sydney. Housing affordability in Australia Throughout 2024, the average price of residential dwellings recovered across Australia, with most capital cities breaking price records despite interest rate hikes. Rising house prices continue to be an issue for potential homeowners, with many low and middle-income earners priced out of the market. In the third quarter of 2024, Australia’s house price-to-income ratio reached new heights at 122.1 index points. With the share of household income spent on mortgage repayments increasing alongside the disparity in supply and demand, inflating construction costs, and low borrowing capacity, the homeownership dream has become an unattainable prospect for the average person in Australia. Does the rental market offer better prospects? Renting for prolonged periods has become inevitable for many Australians due to the country’s largely inaccessible property ladder. However, record low vacancy rates and rising median weekly house and unit rent prices within Australia’s rental market are making renting a less appealing prospect. In financial year 2024, households in the Greater Sydney metropolitan area reported spending around 30 percent of their household income on rent.

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

Graph and download economic data for Real Residential Property Prices for Australia (QAUR628BIS) from Q1 1970 to Q3 2024 about Australia, residential, HPI, housing, real, price index, indexes, and price.

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.

The average housing costs for Australian renters of private property amounted to 415 Australian dollars per week in 2020. In 2022, between 21 to 29 percent of the household income of renters was spent on rent across the country.

Short-term impact of the coronavirus pandemic

With the global outbreak of COVID-19, the historically strong Australian housing market is not immune. In the short-term, the country saw a drop in rental housing demand as a direct result of migration ceasing, falling overseas student numbers, and younger people opting to stay home. With travel opening up, a spike in rental vacancy rates is expected, with short-term rentals, such as those from travel websites, suddenly flooding the long-term rental market. The influx of housing may ease pressure on potential tenants in certain areas, and it may have the carry-on effect of rental costs stabilizing, or in some cases declining. In the inner suburbs of Sydney and Melbourne, for instance, there has already been a significant increase in rental listings compared to the previous year.

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

Graph and download economic data for Housing Inventory: Median Listing Price per Square Feet Year-Over-Year in Palm Bay-Melbourne-Titusville, FL (CBSA) (MEDLISPRIPERSQUFEEYY37340) from Jul 2017 to Feb 2025 about Palm Bay, square feet, FL, listing, median, price, and USA.

The report lists the percentage shift in median prices between quarters as well as the change over a 12-month period. An overall Melbourne metropolitan median sale price and country Victoria median sale price are also included for each property type.

Graph and download economic data for Housing Inventory: Average Listing Price Year-Over-Year in Palm Bay-Melbourne-Titusville, FL (CBSA) (AVELISPRIYY37340) from Jul 2017 to Feb 2025 about Palm Bay, average, FL, listing, price, and USA.

In the metropolitan area of Melbourne, Australia, the median sales price of vacant house blocks was 380,000 Australian dollars in the year 2023. In 2022, the median price for vacant house blocks was about 374,000 Australian dollars.

This statistic shows median price for a one-bedroom apartment in Melbourne, Australia in 2015/2016, by region. That year, the median price for a one-bedroom apartment in Outer Melbourne was 259,000 Australian dollars.

In 2023, one square meter of greenfield land cost an average of 1,116 Australian dollars in Melbourne, Australia. This marked an increase in green land cost per square meter compared to the previous year.

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.

This dataset presents the Rental Affordability Index (RAI) for all dwellings. The data uses a single median income value for all of Australia (enabling comparisons across regions), and spans the quarters Q1 2011 to Q2 2021. The RAI covers all states with available data, the Northern Territory does not form part of this dataset. National Shelter, Bendigo Bank, The Brotherhood of St Laurence, and SGS Economics and Planning have released the RentalAffordability Index (RAI) on a biannual basis since 2015. Since 2019, the RAI has been released annually. It is generally accepted that if housing costs exceed 30% of a low-income household's gross income, the household is experiencing housing stress (30/40 rule). That is, housing is unaffordable and housing costs consume a disproportionately high amount of household income. The RAI uses the 30 per cent of income rule. Rental affordability is calculated using the following equation, where 'qualifying income' refers to the household income required to pay rent where rent is equal to 30% of income: RAI = (Median income ∕ Qualifying Income) x 100 In the RAI, households who are paying 30% of income on rent have a score of 100, indicating that these households are at the critical threshold for housing stress. A score of 100 or less indicates that households would pay more than 30% of income to access a rental dwelling, meaning they are at risk of experiencing housing stress. For more information on the Rental Affordability Index please refer to SGS Economics and Planning. The RAI is a price index for housing rental markets. It is a clear and concise indicator of rental affordability relative to household incomes, applied to geographic areas across Australia. AURIN has spatially enabled the original data using geometries provided by SGS Economics and Planning. Values of 'NA' in the original data have been set to NULL.

In the third quarter of 2023, the median price of residential property transfers for established housing in Melbourne came to around 820 thousand Australian dollars. The highest median price of established housing transfers within the given time period was recorded in the fourth quarter of 2021.

As of June 2024, the average weekly rent for a house in Sydney was 750 Australian dollars, which was the highest average rent across all major cities in Australia that year. That same year, the average weekly rent for a house in Melbourne was around 580 Australian dollars.

Mortgage Rate in Australia increased to 6.15 percent in January from 6.13 percent in December of 2024. This dataset includes a chart with historical data for Australia Mortgage Rate.

As of January 2023, the average quarterly water bill for households in Australia was the highest in the state of Queensland, at a value of 240 Australian dollars. Households in Victoria, Australia reported the lowest average water bill in the same period.