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 sale for the City of Melbourne by CLUE Small area.

The report lists the percentage shift in median prices between quarters as\r well as the change over a 12-month period. An overall Melbourne metropolitan\r median sale price and country Victoria median sale price are also included for\r each property type.\r \r

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 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 Days on Market Year-Over-Year in Palm Bay-Melbourne-Titusville, FL (CBSA) (MEDDAYONMARYY37340) from Jul 2017 to Feb 2025 about Palm Bay, FL, median, and USA.

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.

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 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.

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 June quarter of 2024, the average residential property price in Victoria exceeded 900 thousand Australian dollars. The highest quarterly mean dwelling price in Victoria during the reported period was recorded in the March quarter of 2022 at 942.2 thousand Australian dollars.

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.

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 presents the Rental Affordability Index (RAI) for all dwellings. The data uses a single median income value for all of Australia (enabling comparisons across regions), and spans the quarters Q1 2011 to Q2 2021. The RAI covers all states with available data, the Northern Territory does not form part of this dataset. National Shelter, Bendigo Bank, The Brotherhood of St Laurence, and SGS Economics and Planning have released the RentalAffordability Index (RAI) on a biannual basis since 2015. Since 2019, the RAI has been released annually. It is generally accepted that if housing costs exceed 30% of a low-income household's gross income, the household is experiencing housing stress (30/40 rule). That is, housing is unaffordable and housing costs consume a disproportionately high amount of household income. The RAI uses the 30 per cent of income rule. Rental affordability is calculated using the following equation, where 'qualifying income' refers to the household income required to pay rent where rent is equal to 30% of income: RAI = (Median income ∕ Qualifying Income) x 100 In the RAI, households who are paying 30% of income on rent have a score of 100, indicating that these households are at the critical threshold for housing stress. A score of 100 or less indicates that households would pay more than 30% of income to access a rental dwelling, meaning they are at risk of experiencing housing stress. For more information on the Rental Affordability Index please refer to SGS Economics and Planning. The RAI is a price index for housing rental markets. It is a clear and concise indicator of rental affordability relative to household incomes, applied to geographic areas across Australia. AURIN has spatially enabled the original data using geometries provided by SGS Economics and Planning. Values of 'NA' in the original data have been set to NULL.

Australia Consumer Price Index (CPI): Melbourne: Housing data was reported at 153.100 1989-1990=100 in Jun 2012. This records a decrease from the previous number of 153.300 1989-1990=100 for Mar 2012. Australia Consumer Price Index (CPI): Melbourne: Housing data is updated quarterly, averaging 91.700 1989-1990=100 from Sep 1972 (Median) to Jun 2012, with 160 observations. The data reached an all-time high of 153.300 1989-1990=100 in Mar 2012 and a record low of 17.000 1989-1990=100 in Sep 1972. Australia Consumer Price Index (CPI): Melbourne: 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.