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.

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.

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.

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.

Australia Consumer Price Index (CPI): Sydney: Housing: Rents data was reported at 136.000 2011-2012=100 in Dec 2024. This records an increase from the previous number of 135.100 2011-2012=100 for Sep 2024. Australia Consumer Price Index (CPI): Sydney: Housing: Rents data is updated quarterly, averaging 60.600 2011-2012=100 from Sep 1972 (Median) to Dec 2024, with 210 observations. The data reached an all-time high of 136.000 2011-2012=100 in Dec 2024 and a record low of 8.500 2011-2012=100 in Sep 1972. Australia Consumer Price Index (CPI): Sydney: 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 the third quarter of 2023, the median price of residential property transfers for established housing in Sydney came to 1.32 million Australian dollars. The highest median price of established housing transfers in Sydney within the given time period was recorded in the fourth quarter of 2021.

Australia Consumer Price Index (CPI): Sydney: Housing: Utilities data was reported at 132.500 2011-2012=100 in Dec 2024. This records a decrease from the previous number of 147.900 2011-2012=100 for Sep 2024. Australia Consumer Price Index (CPI): Sydney: Housing: Utilities data is updated quarterly, averaging 41.950 2011-2012=100 from Sep 1972 (Median) to Dec 2024, with 210 observations. The data reached an all-time high of 156.400 2011-2012=100 in Sep 2023 and a record low of 7.500 2011-2012=100 in Jun 1973. Australia Consumer Price Index (CPI): Sydney: 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): Sydney: Housing: Other data was reported at 150.000 2011-2012=100 in Dec 2024. This records an increase from the previous number of 149.500 2011-2012=100 for Sep 2024. Australia Consumer Price Index (CPI): Sydney: Housing: Other data is updated quarterly, averaging 99.500 2011-2012=100 from Jun 1998 (Median) to Dec 2024, with 107 observations. The data reached an all-time high of 150.000 2011-2012=100 in Dec 2024 and a record low of 60.200 2011-2012=100 in Jun 1998. Australia Consumer Price Index (CPI): Sydney: 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.

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 statistic depicts the annual change in residential property prices in Australia between April 2018 and April 2019, by city. In this period, the average house price in Sydney decreased by around 10.9 percent; the largest change across Australia.

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.

In the first half of 2020, the rental price of retail colocation space in Sydney, Australia, was between 230 and 280 U.S. dollars per month. Pricing in hyperscale cloud and wholesale colocation was less expensive, with monthly rent between 145 and 160 U.S. dollars for hyperscale, and 175 and 255 U.S. dollars for wholesale colocation. Hyperscale data centers have the largest power requirements and customers are usually a cloud or large tech company. Wholesale and retail colocation, on the other hand, have smaller power requirements.

As of June 2024, the average weekly rent for a house in Sydney was 750 Australian dollars, which was the highest average rent across all major cities in Australia that year. That same year, the average weekly rent for a house in Melbourne was around 580 Australian dollars.

The central business district in Sydney had the highest average capital value of office property in Australia in the second quarter of 2021 with an average capital value of 19,800 Australian dollars per square meter. The central business district in Melbourne had an average capital value of office property of 12,500 Australian dollars per square meter in Australia.

In the second quarter of 2021, South Sydney had the most expensive net face rent of industrial property in Australia with a net face rent of 213 Australian dollars per square meter. The second highest net face rent was in Central West Sydney with a net face rent of 163 Australian dollars per square meter.

In the second quarter of 2021, South Sydney had the highest average capital value of industrial property with a value of 5,500 Australian dollars per square meter in Australia. Overall, Sydney had the highest average capital value of industrial property per square meter compared to all other states.

South Sydney had the highest average land value of industrial property with a value of 3,250 Australian dollars per square meter in Australia. City Fringe Melbourne had the second highest average land value of industrial property with a value of 1,750 Australian dollars per square meter.