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.

Housing Index in Australia increased to 183.90 points in the fourth quarter of 2021 from 175.60 points in the third quarter of 2021. This dataset provides the latest reported value for - Australia House Price Index - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

In the third quarter of 2023, the median price of residential property transfers for established housing in Perth came to around *** thousand Australian dollars. This marked the highest median price of established housing transfers in Perth within the given time period.

Perth's Cottesloe area was the most expensive housing suburb in Western Australia as of March 2025, with a median property value of around *** million Australian dollars. The Dalkeith suburb had the next highest prices for housing, at just under *** million dollars.

The house price-to-income ratio in Australia was ***** as of the fourth quarter of 2024. This ratio, calculated by dividing nominal house prices by nominal disposable income per head, increased from the previous quarter. The price-to-income ratio can be used to measure housing affordability in a specific area. Australia's property bubble There has been considerable debate over the past decade about whether Australia is in a property bubble or not. A property bubble refers to a sharp increase in the price of property that is disproportional to income and rental prices, followed by a decline. In Australia, rising house prices have undoubtedly been an issue for many potential homeowners, pricing them out of the market. Along with the average house price, high mortgage interest rates have exacerbated the issue. Is the homeownership dream out of reach? Housing affordability has varied across the different states and territories in Australia. In 2024, the median value of residential houses was the highest in Sydney compared to other major Australian cities, with Brisbane becoming an increasingly expensive city. Nonetheless, expected interest rate cuts in 2025, alongside the expansion of initiatives to improve Australia's dwelling stock, social housing supply, and first-time buyer accessibility to properties, may start to improve the situation. These encompass initiatives such as the Australian government's Help to Buy scheme and the Housing Australia Future Fund Facility (HAFFF) and National Housing Accord Facility (NHAF) programs.

Housing Affordability Index: Western Australia: Perth data was reported at 104.500 Index in Jun 2010. This records a decrease from the previous number of 106.800 Index for Mar 2010. Housing Affordability Index: Western Australia: Perth data is updated quarterly, averaging 210.427 Index from Sep 1984 (Median) to Jun 2010, with 104 observations. The data reached an all-time high of 276.786 Index in Dec 1984 and a record low of 90.909 Index in Mar 2007. Housing Affordability Index: Western Australia: Perth 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: 305195701

Australia Consumer Price Index (CPI): Perth: Housing: Rents data was reported at 124.200 2011-2012=100 in Mar 2025. This records an increase from the previous number of 122.100 2011-2012=100 for Dec 2024. Australia Consumer Price Index (CPI): Perth: Housing: Rents data is updated quarterly, averaging 56.300 2011-2012=100 from Sep 1972 (Median) to Mar 2025, with 211 observations. The data reached an all-time high of 124.200 2011-2012=100 in Mar 2025 and a record low of 12.200 2011-2012=100 in Sep 1972. Australia Consumer Price Index (CPI): Perth: 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 *** Australian dollars in Perth, Australia. This marked a significant increase from the previous year and a recovery from the five-year decreasing trend in land prices for that region witnessed between 2015 to 2020.

In 2023, the median home price to median annual household income in Shenzhen, China, was about ****. That year, the median price of apartments to median annual household income in Perth, Australia, was around ***.

Australia Consumer Price Index (CPI): Perth: Housing: Other data was reported at 152.500 2011-2012=100 in Mar 2025. This records an increase from the previous number of 152.000 2011-2012=100 for Dec 2024. Australia Consumer Price Index (CPI): Perth: Housing: Other data is updated quarterly, averaging 99.750 2011-2012=100 from Jun 1998 (Median) to Mar 2025, with 108 observations. The data reached an all-time high of 152.500 2011-2012=100 in Mar 2025 and a record low of 55.300 2011-2012=100 in Jun 1998. Australia Consumer Price Index (CPI): Perth: 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): Perth: Housing: Utilities data was reported at 112.400 2011-2012=100 in Mar 2025. This records a decrease from the previous number of 126.100 2011-2012=100 for Dec 2024. Australia Consumer Price Index (CPI): Perth: Housing: Utilities data is updated quarterly, averaging 52.300 2011-2012=100 from Sep 1972 (Median) to Mar 2025, with 211 observations. The data reached an all-time high of 148.700 2011-2012=100 in Jun 2024 and a record low of 7.400 2011-2012=100 in Mar 1973. Australia Consumer Price Index (CPI): Perth: 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.

Australia Consumer Price Index (CPI): Perth: Housing data was reported at 178.900 1989-1990=100 in Jun 2012. This records an increase from the previous number of 177.100 1989-1990=100 for Mar 2012. Australia Consumer Price Index (CPI): Perth: Housing data is updated quarterly, averaging 89.250 1989-1990=100 from Sep 1972 (Median) to Jun 2012, with 160 observations. The data reached an all-time high of 178.900 1989-1990=100 in Jun 2012 and a record low of 20.000 1989-1990=100 in Sep 1972. Australia Consumer Price Index (CPI): Perth: 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.