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.

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.

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 sale for the City of Melbourne.

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

Quarterly median house prices for metropolitan Adelaide by suburb

This statistic displays the median price for dwellings in major cities in Australia, as of August 2016. That year, the median price for a dwelling in Darwin was about 459 thousand Australian dollars.

Australia Standardised Price-Income Ratio: sa data was reported at 148.954 Ratio in Dec 2024. This records a decrease from the previous number of 151.643 Ratio for Sep 2024. Australia Standardised Price-Income Ratio: sa data is updated quarterly, averaging 82.658 Ratio from Mar 1970 (Median) to Dec 2024, with 220 observations. The data reached an all-time high of 152.504 Ratio in Jun 2024 and a record low of 62.564 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.

The median house price in Geelong, Victoria rose from 667.5 thousand Australian dollars in the second quarter of 2019 to 705 thousand Australian dollars in the same period in 2020. The house price in regional cities in Victoria mostly increased during that period.

Portugal, Canada, and the United States were the countries with the highest house price to income ratio in 2023. In all three countries, the index exceeded 130 index points, while the average for all OECD countries stood at 117.5 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.

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.EB015: Housing Affordability Index: Based on Commonwealth Bank of Australia Home Price (Discontinued). Rebased Index. Replacement series ID: 305195901

Real residential property prices Y-on-Y, percent change in Australia, September, 2024 The most recent value is 4.24 percent as of Q3 2024, a decline compared to the previous value of 4.82 percent. Historically, the average for Australia from Q1 1990 to Q3 2024 is 3.03 percent. The minimum of -12.29 percent was recorded in Q1 2023, while the maximum of 19.49 percent was reached in Q4 2021. | TheGlobalEconomy.com

Durchschnittliche Hauspreise in Australien stiegen im dritten Quartal 2024 auf 985,90 Tausend AUD von 976,60 Tausend AUD im zweiten Quartal 2024. Diese Werte, historische Daten, Prognosen, Statistiken, Diagramme und ökonomische Kalender - Australien - Durchschnittliche Hauspreise.

Gray in Greater Darwin, Northern Territory was the most affordable capital city housing suburb in Australia in 2023, with a median property value of around 359 thousand Australian dollars. The Elizabeth North suburb in Greater Adelaide, South Australia was the second-most affordable capital city housing suburb.

The Outlook of the Australian Commercial Property Market Report is Segmented by Type (office, Retail, Industrial and Logistics, Hospitality, and Other Types) and by Key Cities (Sydney, Melbourne, Brisbane, Adelaide, Canberra, and Perth). The Report Offers Market Sizes and Forecasts in Value (USD) for all the Above Segments.

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.

Residential house prices across the capital cities in Australia increased by 23.7 percent through the year to December 2021. Housing affordability in Australia remains a highly political topic with many prospective home buyers feeling priced out of the market.

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