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.

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.

Australia Housing Affordability Index: Queensland: Brisbane data was reported at 104.100 Index in Jun 2010. This records a decrease from the previous number of 112.400 Index for Mar 2010. Australia Housing Affordability Index: Queensland: Brisbane data is updated quarterly, averaging 183.007 Index from Sep 1984 (Median) to Jun 2010, with 104 observations. The data reached an all-time high of 238.095 Index in Sep 2000 and a record low of 83.800 Index in Mar 2008. Australia Housing Affordability Index: Queensland: Brisbane data remains active status in CEIC and is reported by Housing Industry Association. The data is categorized under Global Database’s Australia – Table AU.EB015: Housing Affordability Index: Based on Commonwealth Bank of Australia Home Price (Discontinued). Rebased Index. Replacement series ID: 305195501

Australia Consumer Price Index (CPI): Brisbane: Housing data was reported at 188.200 1989-1990=100 in Jun 2012. This records an increase from the previous number of 187.200 1989-1990=100 for Mar 2012. Australia Consumer Price Index (CPI): Brisbane: Housing data is updated quarterly, averaging 100.450 1989-1990=100 from Sep 1972 (Median) to Jun 2012, with 160 observations. The data reached an all-time high of 188.200 1989-1990=100 in Jun 2012 and a record low of 20.300 1989-1990=100 in Sep 1972. Australia Consumer Price Index (CPI): Brisbane: Housing 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.I009: Consumer Price Index: 1989-90=100: Eight Capital Cities.

Australia Consumer Price Index (CPI): Brisbane: Housing: Other data was reported at 147.400 2011-2012=100 in Dec 2024. This stayed constant from the previous number of 147.400 2011-2012=100 for Sep 2024. Australia Consumer Price Index (CPI): Brisbane: Housing: Other data is updated quarterly, averaging 99.700 2011-2012=100 from Jun 1998 (Median) to Dec 2024, with 107 observations. The data reached an all-time high of 147.400 2011-2012=100 in Dec 2024 and a record low of 61.200 2011-2012=100 in Jun 1998. Australia Consumer Price Index (CPI): Brisbane: Housing: Other 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.I007: Consumer Price Index: 2011-12=100: Eight Capital Cities.

Australia Consumer Price Index (CPI): Brisbane: Housing: Rents data was reported at 135.700 2011-2012=100 in Dec 2024. This records an increase from the previous number of 135.200 2011-2012=100 for Sep 2024. Australia Consumer Price Index (CPI): Brisbane: Housing: Rents data is updated quarterly, averaging 57.550 2011-2012=100 from Sep 1972 (Median) to Dec 2024, with 210 observations. The data reached an all-time high of 135.700 2011-2012=100 in Dec 2024 and a record low of 12.300 2011-2012=100 in Sep 1972. Australia Consumer Price Index (CPI): Brisbane: Housing: Rents 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.I007: Consumer Price Index: 2011-12=100: Eight Capital Cities.

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.

Sydney was the markets with the highest rent for industrial and logistics real estate in the Asia-Pacific (APAC) region in the second half of 2023. Sydney had an average net asking rent of over 22 U.S. dollars per square meter per month, eight U.S. dollars above the average rent in the second-ranking market, Brisbane. Rents in India, on the other hand, were substantially lower. In Mumbai, Bangalore, and Delhi, the square meter rent was less than one U.S. dollar.