The Australian property market dominates the headlines, but just how much are properties around Australia and is there a big difference between houses and units? We’ve researched some of the major cities and towns in Australia so you can get an idea of property prices around the nation.
New South Wales
After a couple of decades of strong property price growth, it looks as though New South Wales property prices may finally be stabilising. CoreLogic’s national Home Value Index (HVI) revealed that Sydney’s house prices had dropped 0.1%, which is the first time they had declined since September 2020.
In Sydney, the median house price on the 28th of February was $1,410,128. The average apartment price is expected to reach $808,960 by the end of the year.
House prices in regional New South Wales are also increasing exponentially as more and more people move out of the city.
The Southern Highlands and Shoalhaven region in New South Wales have experienced house price growth of 38.2%. The median house price in the Southern Highlands is $1,021,500 and the median unit price is $610,000.
The cost of house prices in Wollongong has risen 11.8% over the last 12 months, with the median price sitting at $995,000. The median unit price is $650,250.
Prices in Shellharbour have risen an enormous 25.75%, with the median sitting at $1.085,000 million. The median unit price is $785,000.
Median house prices in Gosford rose 18.4% in the 12 months to October 2021 and now sit at $925,000. Units are significantly cheaper with a median of $522,000.
Despite what we hear about Sydney property prices it is not the most expensive city to buy a property in, with Byron Bay claiming that title. House prices rose 114% between March 2020 and 2022. The median house price in Byron Bay is $3,025,000 and the median unit price is $1,382,500.
Victoria
Overall the median house price in Victoria is $765,000 and the median unit price is $599,000.
It appears as though the six lockdowns in Melbourne, more than any other city in the world have affected the property market, with prices in Victoria’s capital city falling 0.2% in March. The decline comes after a 12 month increase of 18.6% to February 2022.
Melbourne’s median house price now sits at $1.1 million, meanwhile unit prices are $459,999, which is significantly more affordable than unit prices in Sydney.
Some suburbs in Geelong saw a 30% price increase in the last 12 months taking the median house price from $626,000 to $799,000 which is almost level with house prices in Melbourne. Unit prices in Geelong are currently sitting at $635,000.
Despite prices increasing 26% between 2021 and 2022, Ballarat is slightly more affordable than other cities in regional Victoria with house prices sitting at $710,000. Units are significantly more affordable at $345,000.
Bendigo prices rose 32.3%, with median house prices climbing to $570,000. The median unit price is $380,000.
Property prices in Mildura have increased 22.5% in the last 12 months with the median price sitting at $387,500 and $265,500 for units.
Queensland
Like other states on Australia’s eastern seaboard, property prices in Queensland rose 10.6% over the last year according to figures from CoreLogic.
Brisbane house prices have risen by a massive 30.4% over the last 12 months, with house prices now sitting at $783,000 and median unit prices at $519,000.
In the third quarter of 2021 Bundaberg house prices rose 16.2% meanwhile unit prices rose 27.7%. The median house price in Bundaberg is lower than the state’s average at $289,000 meanwhile buyers can pick up a unit for $266,000.
Prices have risen more slowly in Cairns than other parts of Queensland. They increased 16.3% in the five years to June 2021. The median house price is now $525,000 and the median unit price is $253,000.
Mackay property prices have risen 17.54% over the last 12 months taking the median house price to $367,500. The median unit price is $255,000.
Rockhampton property prices have risen 34.62%. Despite the substantial increase it remains affordable for buyers with a median house price of $207,750 and a median unit price of $438,000.
Townsville is a desirable place for buyers, with house prices trending upwards to a median of $740,000. Unit prices have remained stable, with a median price of $371,000.
Tasmania
According to data collected in Corelogic’s Hedonic Home Value Index, regional dwelling prices rose 29.8% in 2021 whereas prices in Hobart increased 27.7%.
The cost to buy a house in Hobart is $960,000 but similar to the rest of Australia, units are more affordable at $779,000.
Burnie house prices have soared 41,7% in the last 12 months. The median house price is lower than the state’s median at $385,000. Units are only marginally cheaper with a median price of $346,500.
Demand for Devonport properties has led to prices shooting up 34.3% in the last 12 months with the average time on the market just 12 days. A freestanding house in Tasmania costs $410,000 and a unit is $339,000.
Launceston has experienced the highest growth out of any city in Tasmania with property prices increasing 47.4% on the previous 12 months and the average time to sell sitting at 25 days. House prices in Launceston are marginally cheaper than Hobart with a median price of $700,000. Units remain cheaper at $575,000.
Western Australia
Perth is the most affordable place to buy a home in Australia. Unlike other Australian capital cities, Perth’s house prices fell 0.6% in the year to September 2021. The median house price in Perth is $895,000. Units in Perth are much more affordable at $437,500.
Unlike Perth, Bunbury house prices rose 37.42% in 2021 to $650,000. Unit prices did not increase as much, with an annual growth rate of 22.50% to $368,000.
With a population of just under 38,000, Geraldton’s property prices rose 33.8%, with the median house price sitting at $295,000 and the median unit price at $210,000.
Kalgoorlie houses have not risen as much in the last 12 months, with an increase of only 10.5% in the last 12 months. The median house price in Kalgoorlie is lower than the state’s average with a median of $310,000 meanwhile units are $250,000.
Prices in Albany have remained fairly stable over the last 12 months with houses increasing 10.0% to $649,000. There is no data available for units.
Northern Territory
Property prices in the Northern Territory flatlined in 2021, with the median price for the territory sitting at $592,000. That is much higher than the median unit price, which is $400,000.
Despite it being a smaller city with a population of just $33,788 the median house price is $529,500. No data for units is available.
In 2021, median house prices increased 7.1% to a price of $510,000. Median unit prices decreased 13% to $312,000.
The Katherine property market did relatively well in 2021 with an annual increase of 11.3% to $345,000. Data for units sold was not available.
South Australia
The Adelaide property market has done fairly well over the last 12 months with an increase of 23.9%. The median house price is cheaper than most other capital cities at $751,750 and the median unit price sits at $430,000.
Gawler is a small town 40 kilometers north of Adelaide and has had an increase of 24.13% with the median price for houses now at $408,500. No data is available for units.
Mount Gambier’s property market is doing relatively well. The average time a property is on the market is 63 days which is slightly longer than other towns in South Australia. The median house price is $315,000 and units are even more affordable at $205,000.
Whyalla is 395 kilometres away from Adelaide. House prices are comparative to Mount Gambier and have experienced growth of 5.2% to $315,000. Unit values have decreased by 0.7% to $145,000.