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.

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.

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.

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

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.

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.

This statistic shows median price for a two-bedroom apartment in Melbourne, Australia in 2015/2016, by region. That year, the median price for a two-bedroom apartment in Regional Melbourne was 235,000 Australian dollars.

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 …Show full descriptionThe 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 Month-Over-Month in Palm Bay-Melbourne-Titusville, FL (CBSA) (AVELISPRIMM37340) 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.

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.

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 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.

This dataset provides information about the number of properties, residents, and average property values for Melbourne Green cross streets in Fairport, NY.

The report lists the percentage shift in median prices since 1988. An overall Melbourne metropolitan\r median sale price and country Victoria median sale price are also included for\r each property type.\r \r

This dataset provides information about the number of properties, residents, and average property values for Melbourne Drive cross streets in New Haven, IN.

This dataset provides information about the number of properties, residents, and average property values for Melbourne Street cross streets in Salt Lake City, UT.