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.

In the third quarter of 2023, the median price of residential property transfers for established housing in Hobart came to around *** thousand Australian dollars. The highest median price of established housing transfers within the given time period was recorded in the first quarter of 2022.

Australia Housing Affordability Index: Tasmania: Hobart data was reported at 170.300 Index in Jun 2010. This records an increase from the previous number of 166.300 Index for Mar 2010. Australia Housing Affordability Index: Tasmania: Hobart data is updated quarterly, averaging 221.719 Index from Sep 1984 (Median) to Jun 2010, with 104 observations. The data reached an all-time high of 388.953 Index in Dec 2001 and a record low of 134.500 Index in Dec 2009. Australia Housing Affordability Index: Tasmania: Hobart data remains active status in CEIC and is reported by Housing Industry Association. The data is categorized under Global Database’s Australia – Table AU.EB019: Housing Affordability Index: Based on Commonwealth Bank of Australia Home Price (Discontinued). Rebased Index. Replacement series ID: 305196101

Australia Consumer Price Index (CPI): Hobart: Housing: Other data was reported at 153.500 2011-2012=100 in Mar 2025. This records an increase from the previous number of 153.300 2011-2012=100 for Dec 2024. Australia Consumer Price Index (CPI): Hobart: Housing: Other data is updated quarterly, averaging 99.850 2011-2012=100 from Jun 1998 (Median) to Mar 2025, with 108 observations. The data reached an all-time high of 153.500 2011-2012=100 in Mar 2025 and a record low of 57.800 2011-2012=100 in Jun 1998. Australia Consumer Price Index (CPI): Hobart: 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): Hobart: Housing: Rents data was reported at 139.400 2011-2012=100 in Mar 2025. This records an increase from the previous number of 138.900 2011-2012=100 for Dec 2024. Australia Consumer Price Index (CPI): Hobart: Housing: Rents data is updated quarterly, averaging 64.100 2011-2012=100 from Sep 1972 (Median) to Mar 2025, with 211 observations. The data reached an all-time high of 144.000 2011-2012=100 in Sep 2023 and a record low of 15.300 2011-2012=100 in Sep 1972. Australia Consumer Price Index (CPI): Hobart: 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.

Australia Consumer Price Index (CPI): Hobart: Housing data was reported at 172.000 1989-1990=100 in Jun 2012. This records a decrease from the previous number of 172.600 1989-1990=100 for Mar 2012. Australia Consumer Price Index (CPI): Hobart: Housing data is updated quarterly, averaging 95.500 1989-1990=100 from Sep 1972 (Median) to Jun 2012, with 160 observations. The data reached an all-time high of 172.600 1989-1990=100 in Mar 2012 and a record low of 20.300 1989-1990=100 in Sep 1972. Australia Consumer Price Index (CPI): Hobart: 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): Hobart: Housing: Utilities data was reported at 121.200 2011-2012=100 in Mar 2025. This records an increase from the previous number of 117.600 2011-2012=100 for Dec 2024. Australia Consumer Price Index (CPI): Hobart: Housing: Utilities data is updated quarterly, averaging 46.900 2011-2012=100 from Sep 1972 (Median) to Mar 2025, with 211 observations. The data reached an all-time high of 128.300 2011-2012=100 in Mar 2024 and a record low of 5.400 2011-2012=100 in Mar 1973. Australia Consumer Price Index (CPI): Hobart: Housing: Utilities 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.