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 average house prices around Australia. This covers the median prices across all the capital cities, so you can get an idea of the market before you buy or sell a home.
Average house prices in Sydney
Domain’s House Price Report for the December 2019 quarter reported that the average house price in Sydney is $1,142,212, and the average unit price in Sydney is $735,387. The Lower North Shore, City and Eastern Suburbs command the highest house prices in Sydney, while the lowest average house prices can be found in South-West and Western Sydney.
The final quarter of the decade saw the steepest quarterly price jump for Sydney since 2015, and officially signalled an end to the housing slump that plagued the market for much of the year. Houses have caught up almost all of the value lost during the downturn, while units have regained almost half of that value — and experts expect house prices to surge to new highs in 2020.
Average house prices in Melbourne
The latest figures from Domain report that the average house price in Melbourne now sits at $901,951, and the average unit price in Melbourne is $549,701. Houses prices in Melbourne’s inner east are the most expensive on average, while Melbourne’s western suburbs are home to the city’s cheapest houses.
In terms of growth, Melbourne’s units perform better than its houses, with a 5.6% growth in median unit prices compared to a 5% for median house prices. Units in Melbourne have hit a new peak, with the average cost of a unit in Melbourne surpassing the cost of a house in cities like Adelaide and Perth.
Average house prices in Brisbane
According to the Domain House Price report for the December 2019 quarter, the average house price in Brisbane is $577,664, and the average unit price in Brisbane is $377,549. On average, house prices are lowest in Brisbane’s eastern suburbs, and highest in the inner-city region.
Despite the downturn last year, Brisbane managed to weather the storm and produce steady house price growth — a trend that has been ticking on for well over seven years. But while house prices reached their biggest quarterly peak in two years, units are still struggling, with a 3.4% downturn recorded in the December 2019 quarter. Looking forward, the state government’s infrastructure plans should drive job creation and population growth — which in turn will help the property market stay strong in the future.
READ MORE: What is the median house price in Brisbane?
Average house prices in Perth
As of December 2019, Domain reports that the median house price in Perth was $537,013 while the median unit price was $342,708. The city is still struggling from a downturn post-mining boom, but house prices rebounded in back-to-back quarters for the latter half of 2019.
This upward trend is set to continue as the state government announced a new housing investment package and first-home buyer assistance initiatives to help stimulate the market. As the population growth continues, these actions should help improve the state of the Perth property market in 2020 and beyond.
Average house prices in Adelaide
Domain shows that the median house price in Adelaide is $542,947 as of December 2019, while the median unit price is $306,327. Adelaide's average house price continues to grow modestly, but overall market growth has remained relatively stagnant for the past six-and-a-half years.
Adelaide units underperform compared to houses and recorded their steepest ever fall since 2013, making Adelaide’s units one of the nation’s most affordable — second only to Darwin. And despite the market growth across the rest of the country, Adelaide still has yet to see a strong rebound of the housing market. a modest 0.2% in the June quarter, but are still up by 0.6% over the year.
Average house prices in Canberra
At the end of the December 2019 quarter, Domain reported the average house price in Canberra as $788,621, and the average unit price as $455,537 – making Canberra one of the country’s most expensive cities to buy a house.
House prices grew by 7.3% over the quarter, while unit prices grew by 4%. The local housing market continues to be bolstered by low mortgage rates, the ACT Government’s first-home buyers policy, and increased job prospects.
Average house prices in Hobart
Domain’s House Price Report for December 2019 reported that the average house price in Hobart is $530,570, and the average unit price in Sydney is $441,104.
While Hobart was previously the most affordable capital city in Australia to buy a house, this has rapidly changed — and Tasmanian capital is now more expensive than Adelaide, Brisbane, Darwin and Perth. Alongside Melbourne, Hobart was one of the only capital cities to record new records for property prices in December.
Average house prices in Darwin
As of the end of December 2019, Darwin is the most affordable capital city to purchase a home according to Domain’s report. At the end of the decade, the median house price in Darwin was $509,452 and the median unit price was $286,249.
Darwin was the only capital city in Australia to record price falls both for the December quarter and for the year — for both houses and units. The current house prices are almost 25% below their 2013 peak, while units are a whopping 41.2% lower than their peak in 2016.
If you’re looking to sell, get a free online property estimate in 30 seconds, which includes your property’s estimated value, sales history, and comparable properties in your area.