Whether you’re thinking of buying or selling property in Australia, it pays to do your research and get to know the market before taking the leap. Knowing the average house price in your area can help give you a good indication of what you can expect to pay when buying, or on the flipside, how much you’re likely to be able to sell for.
To make life easier, we’ve created this handy guide to median house prices around Australia. This covers the median dwelling prices across all the capital cities, so you can get an idea of the market before you buy or sell a home.
Median house prices in Sydney
Housing markets continued to build momentum throughout the end of 2021, setting the foundation for a strong 2021.
CoreLogic’s Hedonic Home Value Index for December reported median home value in Sydney is $1,015,354, and the median unit price in Sydney is $733,852.
Regional NSW has seen an annual rise of 8.3% in home value, significantly outpacing the 2.7% rise in Sydney home values over the year.
Throughout the early stages of COVID-19, Sydney home values remained insulated from huge falls by government stimulus spending, loan deferral options and two historic interest rate cuts. While listings fell over the period, interested buyers remained engaged with the market, resulting in a positive supply and demand balance that saw homes continue to move off the shelf.
Median house prices in Melbourne
The latest figures from CoreLogic's Hedonic Home Value Index for December shows that the median house price in Melbourne now sits at $799,980 , and the average unit price in Melbourne is $576,905.
Regional Victoria saw a rise of 5.6% in home values over the last 12 months.
Market hibernation, along with government support measures has helped to avoid any substantial price falls in the Melbourne property market. The easing of restrictions has already revived activity and seen an uplift of 20.8% new listings on the market in December compared to this time last year.
Although it was the nation’s worst affected city as a result of the pandemic, relaxed lending and further interest rate cuts, in addition to the removal of stamp duty in Victoria look set to propel ‘Australia’s most liveable city’ quickly back to strength in 2021.
Median house prices in Brisbane
According to the Hedonic Home Value Index for December, the median house price in Brisbane is $576,338, and the median unit price in Brisbane is $390,785.
Regional Queensland saw a rise of 6.9% in home values over the last 12 months.
Brisbane home values proved resilient against the impact of COVID-19, where prices moderated instead of dropped like its southern counterparts. Due in part to the successful early containment of the pandemic in Queensland, restrictions were eased and confidence surged in the property market. First-home buyers took advantage of incentives and historically low interest rates, favouring houses over units.
Median house prices in Canberra
At the end of the month ending December 2020, CoreLogic's Hedonic Home Value Index reported the median house price in Canberra as $762,608, and the average unit price as $467,977.
While we continue to see the trickledown effects of the global health crisis on the Australian economy, a surprising market has shown itself to be stellar at bucking the trend - the ACT! Canberra has consistently outperformed the pack, arriving at a record 7.5% increase over the past year. The ACT property market is currently enjoying record highs in buyer demand as well as property values - a trend we will see continue in strength into 2021.
Median house prices in Adelaide
CoreLogic's Hedonic Home Values report shows that the median house price in Adelaide is $504,829 as of December 2020, while the median unit price is $344,493.
Adelaide house prices are currently sitting at a record high, having risen for four consecutive quarters, pushing annual gains to 6.8% - the steepest in a decade!
An owner-occupier led housing market, the state was shielded from the drop in demand that other capital cities experienced at the onset of the pandemic, with border closures and restrictions on travels impeding on housing stock and price growth.
Median house prices in Perth
The CoreLogic Hedonic Home Value report states that the median house price in Perth was $490,810 while the median unit price was $365,037.
A resounding agreement that ‘the worst may be over’ could be the mantra for Perth as it readies itself for a stronger spurt of growth in 2021. Home values logged a small but positive increase of 1.9% over the past year.
Median house prices in Hobart
The CoreLogic Hedonic Home Value report for December 2020 reported that the average house price in Hobart is $551,462, and the average unit price in Sydney is $417,724.
Hobart house prices have surged in the past few months, rising 6.1% in the past year with a steep increase over the last quarter.
As a result of the pandemic, many have begun to place great emphasis on the lifestyle element, which Hobart has to offer in abundance, making its current affordable price tag even more appealing. As mainlanders continue to turn their attention south, 2021 is looking likely to see house prices increasingly grow.
Thinking about selling in 2021? Australian house prices are on the rise. Talk to your local Upside agent to see how your local suburb market has been performing, and where your property sits in comparison.