Sydney had the highest median house value compared to other capital cities in Australia as of April 2025, with a value of over **** 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 remained high across Australia, with several capital cities breaking price records. 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 fourth quarter of 2024, Australia’s house price-to-income ratio declined slightly to ***** 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 elevated 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 ** percent of their household income on rent.

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.

Graph and download economic data for Real Residential Property Prices for Australia (QAUR628BIS) from Q1 1970 to Q1 2025 about Australia, residential, HPI, housing, real, price index, indexes, and price.

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.

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.

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.

Graph and download economic data for Residential Property Prices for Australia (QAUN368BIS) from Q1 1971 to Q1 2025 about Australia, residential, housing, and price.

In the metropolitan area of Melbourne, Australia, the preliminary median home price was approximately ******* Australian dollars in 2025. In 2024, the median house price was about ******* Australian dollars.

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.

Australia’s real house price index increased to ***** in the first quarter of 2025. House prices fluctuated over the reported period compared to the base year of 2015, experiencing a sharp increase throughout 2021, with the country’s house price index peaking in the first quarter of 2022 at *****. Prospective homeowners priced out of the market Recent house price increases reflect the ongoing challenges of housing affordability in Australia. Property prices largely outpace income growth, reigniting discussions about whether the country is stuck in a property bubble, a topic that has been debated for over a decade. The country’s house price-to-income ratio hit ***** in the second quarter of 2024, the highest ratio recorded over the past five years, making it increasingly difficult to get on the property ladder. Unaffordable rental conditions Australia’s rental market has also seen challenges, with the rent price index continuing to climb throughout 2024 into the first quarter of 2025, making the prospect of renting less appealing. As of March 2025, the average weekly house rent price in Sydney stood at *** Australian dollars, the highest across the country’s major cities. Canberra, Darwin, and Perth were the next most expensive markets for house rents, while Hobart was the most affordable capital city for both house and unit rent prices.

The house price-to-income ratio in Australia was ***** as of the first quarter of 2025. 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.

Residential Property Prices in Australia increased 4.28 percent in March of 2025 over the same month in the previous year. This dataset includes a chart with historical data for Australia Residential Property Prices.

Australia Standardised Price-Income Ratio: sa data was reported at 149.268 Ratio in Dec 2024. This records a decrease from the previous number of 152.371 Ratio for Sep 2024. Australia Standardised Price-Income Ratio: sa data is updated quarterly, averaging 82.643 Ratio from Mar 1970 (Median) to Dec 2024, with 220 observations. The data reached an all-time high of 153.422 Ratio in Jun 2024 and a record low of 62.554 Ratio in Sep 1983. Australia Standardised Price-Income Ratio: 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. Nominal house prices divided by nominal disposable income per head. Net household disposable income is used. The population data come from the OECD national accounts database. The long-term average is calculated over the whole period available when the indicator begins after 1980 or after 1980 if the indicator is longer. This value is used as a reference value. The ratio is calculated by dividing the indicator source on this long-term average, and indexed to a reference value equal to 100.

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.

Provides estimates of changes in house prices in each of the eight capital cities of Australia. The information is presented in the form of price indexes constructed separately for established houses and for project homes.

Australia Standardised Price-Rent Ratio: sa data was reported at 168.732 Ratio in Dec 2024. This records a decrease from the previous number of 171.919 Ratio for Sep 2024. Australia Standardised Price-Rent Ratio: sa data is updated quarterly, averaging 70.511 Ratio from Sep 1972 (Median) to Dec 2024, with 210 observations. The data reached an all-time high of 189.671 Ratio in Mar 2022 and a record low of 48.119 Ratio in Sep 1972. Australia Standardised Price-Rent Ratio: 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. Nominal house prices divided by rent price indices. The long-term average is calculated over the whole period available when the indicator begins after 1980 or after 1980 if the indicator is longer. This value is used as a reference value. The ratio is calculated by dividing the indicator source on this long-term average, and indexed to a reference value equal to 100.

In the first quarter of 2025, the house price-to-rent ratio in Australia was estimated at ***, 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. Within the given period, after reaching a peak in the first quarter of 2022, the price-to-rent ratio decreased each quarter until the second quarter of 2023. From then on, the house price-to-rent ratio fluctuated, but largely trended downwards. 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 was on an upward trend between the third quarter of 2022 and the second quarter of 2024. Nonetheless, after hitting its peak, it declined to ***** in the fourth quarter of 2024. Rental property demand In March 2025, 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. Hobart, on the other hand, had the most affordable rental properties across Australia's capital cities.

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.

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

Quarterly median house prices for metropolitan Adelaide by suburb

House price index in Australia, December, 2024 The most recent value is 195.13 index points as of Q4 2024, an increase compared to the previous value of 194.75 index points. Historically, the average for Australia from Q1 1990 to Q4 2024 is 86.77 index points. The minimum of 28.24 index points was recorded in Q1 1990, while the maximum of 195.13 index points was reached in Q4 2024. | TheGlobalEconomy.com