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.

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.

This dataset contains the latest 100 sales for Paddington, 2021 from the NSW Valuer General. The data has been goecoded and analysed by AreaSearch.

In 2022, Sydney was listed as the second-least affordable city worldwide in terms of housing affordability, as well as the most unaffordable capital city for houses in Australia, with a median multiple house price relative to income value of 15.3, meaning that housing prices in Sydney were over 15 times the average annual gross median household income.

This dataset contains annual sales trends history for Paddington, 2021 covering median prices, sales volumes, resales capital growth and more. Based on sales data from the NSW Valuer General analysed by AreaSearch.

In the June quarter of 2024, the average residential property price in New South Wales exceeded 1.22 million Australian dollars. Of all Australian states and territories, the mean price of residential dwellings was the highest in New South Wales.

This dataset contains annual sales trends history for Manly, 2095 covering median prices, sales volumes, resales capital growth and more. Based on sales data from the NSW Valuer General analysed by AreaSearch.

This dataset contains the latest 100 sales for Manly, 2095 from the NSW Valuer General. The data has been goecoded and analysed by AreaSearch.

Australia Consumer Price Index (CPI): Housing: Rents: Rents data was reported at 203.800 1989-1990=100 in Jun 2012. This records an increase from the previous number of 201.500 1989-1990=100 for Mar 2012. Australia Consumer Price Index (CPI): Housing: Rents: Rents data is updated quarterly, averaging 107.000 1989-1990=100 from Sep 1972 (Median) to Jun 2012, with 160 observations. The data reached an all-time high of 203.800 1989-1990=100 in Jun 2012 and a record low of 19.400 1989-1990=100 in Sep 1972. Australia Consumer Price Index (CPI): Housing: Rents: 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.I008: Consumer Price Index: 1989-90=100.

This dataset contains annual sales trends history for Carlingford, 2118 covering median prices, sales volumes, resales capital growth and more. Based on sales data from the NSW Valuer General analysed by AreaSearch.

This dataset contains annual sales trends history for Killara, 2071 covering median prices, sales volumes, resales capital growth and more. Based on sales data from the NSW Valuer General analysed by AreaSearch.

Bellevue Hill, New South Wales was the most expensive capital city housing suburb in Australia in 2023, with a median property value of over 9.7 billion Australian dollars. In comparison, the median property value of a house in the capital city suburb Dover Heights, New South Wales came to around 6.1 billion Australian dollars.

Australia PPI: Output: Construction: House: New South Wales data was reported at 184.800 2011-2012=100 in Dec 2024. This records a decrease from the previous number of 186.500 2011-2012=100 for Sep 2024. Australia PPI: Output: Construction: House: New South Wales data is updated quarterly, averaging 99.800 2011-2012=100 from Sep 1998 (Median) to Dec 2024, with 106 observations. The data reached an all-time high of 186.500 2011-2012=100 in Sep 2024 and a record low of 64.800 2011-2012=100 in Sep 1998. Australia PPI: Output: Construction: House: New South Wales 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.I023: Producer Price Index: 2011-12=100: ANZSIC 2006: Output of the Construction Industry.

This dataset contains annual sales trends history for Marrickville, 2042 covering median prices, sales volumes, resales capital growth and more. Based on sales data from the NSW Valuer General analysed by AreaSearch.

PPI: Output: Construction: Building: House Construction: New South Wales data was reported at 152.700 1989-1990=100 in Jun 2012. This records an increase from the previous number of 152.500 1989-1990=100 for Mar 2012. PPI: Output: Construction: Building: House Construction: New South Wales data is updated quarterly, averaging 127.700 1989-1990=100 from Jun 1998 (Median) to Jun 2012, with 57 observations. The data reached an all-time high of 152.700 1989-1990=100 in Jun 2012 and a record low of 98.600 1989-1990=100 in Sep 1998. PPI: Output: Construction: Building: House Construction: New South Wales 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.I020: Producer Price Index: 1989-90=100: ANZSIC 2006: Articles Produced by Manufacturing and Construction Industries.

In 2024, Sydney had the highest price per square meter of land across major cities in Australia. Lot buyers expected to pay a premium of 1,617 Australian dollars per square meter in the capital of New South Wales. Conversely, lot buyers in Adelaide expected to spend around 750 Australian dollars per square meter of land. Prices through the roof Over the past decade, the surge in land and housing costs has been attributed to rapid population growth, driving up median prices for property and land, particularly in cities. In Sydney, the per square meter price of land has almost tripled since 2010, while the number of new property listings has declined over the years. A shortage of residential land available to build on has exacerbated the housing affordability crisis in Australia. Will lending rates continue to climb? The homeownership dream is out of reach for the average Australian without a housing loan. Nevertheless, Australia's high mortgage interest rates for both owner-occupiers and investors have impacted current and aspiring mortgage holders, with the value of household lending trending downwards over the past two years. While rates remained high in the first half of 2024, they likely reached their peak, as shown by the gradual plateau in the second half of the year. This stabilization should, in turn, accelerate buying, selling, and lending activities.

This dataset contains annual sales trends history for Wahroonga, 2076 covering median prices, sales volumes, resales capital growth and more. Based on sales data from the NSW Valuer General analysed by AreaSearch.

In 2024, one square meter of greenfield land cost an average of 1,617 Australian dollars in Sydney, marking an increase of over 100 Australian dollars from the previous year. Sydney has one of the highest land price rates for greenfield development in Australia.

Point Piper, New South Wales was the most expensive capital city suburb for apartments in Australia in 2023, with a median property value of over 3.3 billion Australian dollars. In comparison, the median property value of an apartment in the capital city suburb The Rocks, New South Wales came to around 1.8 billion Australian dollars.