Australia Property Market Statistics by Capital City
Darwin led the capitals at 5.0% for the quarter. Sydney was the weakest at -3.2%. Between those two sits a market that has stopped moving in one direction, with the smaller and cheaper capitals still running hard while Sydney and Melbourne go backwards.
Here's the full table, then what the numbers mean if you're actually buying or selling.
| State / territory | Capital city | Median dwelling value | Quarterly change | Annual change |
|---|---|---|---|---|
| Northern Territory | Darwin | $638,187 | 5.0% | 19.8% |
| Western Australia | Perth | $1,046,551 | 2.0% | 23.9% |
| Tasmania | Hobart | $752,760 | 1.4% | 9.3% |
| Queensland | Brisbane | $1,118,306 | 1.3% | 17.4% |
| South Australia | Adelaide | $945,868 | 1.3% | 11.6% |
| ACT | Canberra | $885,254 | -1.3% | 2.9% |
| Victoria | Melbourne | $808,486 | -2.6% | -0.9% |
| NSW | Sydney | $1,265,608 | -3.2% | 0.3% |
These figures are from the quarterly market update published on this page and are not live. Property data moves every month. Check the current CoreLogic or Cotality home value index, or the ABS residential property price series, before making a decision on any number here.
The two-speed pattern, in one line
Sort the table by annual change and the story is obvious. Perth up 23.9%, Darwin up 19.8%, Brisbane up 17.4%, Adelaide up 11.6%. Then Melbourne down 0.9%, Sydney up 0.3%, Canberra up 2.9%.
The capitals that were cheapest a few years ago have done most of the running. The two most expensive markets have gone sideways or backwards over twelve months and are now falling quarter on quarter.
Quarterly falling, annual rising: what that means
Four capitals show a positive annual number and a flat or negative quarter. Brisbane is up 17.4% over the year but only 1.3% over the quarter. That pattern means the growth happened earlier in the twelve months and the market has since cooled.
It matters because the annual number is history and the quarterly number is closer to now. If you're deciding whether to buy this month, the quarterly column is the more relevant one. If you're valuing a property you bought a year ago, the annual column is.
Sydney is the clearest case: essentially flat over the year at 0.3%, but down 3.2% in the quarter. The annual figure hides a market that turned partway through.
What a median actually tells you, and what it doesn't
A median dwelling value is the middle of everything transacting, houses and units together. Three limitations worth holding onto:
- Composition moves the median without prices moving. A quarter with more unit sales and fewer house sales pulls a median down even if nothing got cheaper.
- Nobody buys the median. Suburb-level and property-type data is what you actually transact against. A city median is context, not a price guide.
- Houses and units have diverged sharply in most capitals over recent years, and a combined dwelling figure averages that difference away.
Use the city number to understand direction. Use suburb data and recent comparable sales to understand price.
Which data series this is
These figures come from current-market pricing data at city level, of the kind CoreLogic and Cotality publish, sourced via Property Update's city market pages. That is not the same as the ABS series.
| This page (current-market index) | ABS residential property series | |
|---|---|---|
| What it measures | Estimated dwelling values across the whole housing stock | Actual recorded transfers |
| How fast it publishes | Monthly, close to real time | Quarterly, with a lag |
| Best for | Reading where the market is right now | Official, revised, historically consistent figures |
| Trap | It is a model of values, not a record of sales | By the time it lands, the market has often moved |
Neither is wrong. They measure different things on different timelines, and mixing them in the same sentence is how people end up confused about whether the market is up or down.
What it means if you're buying
- In a falling market (Sydney, Melbourne, Canberra): you have more negotiating room and less competition, and time is working for you rather than against you. The risk is buying at 95% loan-to-value into a market that keeps sliding, because your equity buffer is thin.
- In a rising market (Perth, Darwin, Brisbane, Adelaide): speed and pre-approval matter more than negotiation. Stock moves fast and offers above asking are normal. The risk is stretching your budget because everything feels urgent.
- Everywhere: your borrowing capacity is set by your income and liabilities, not by what the market is doing. Work out your number first.
What it means if you're selling
- Falling market: price to the last three months of comparable sales, not to what your neighbour got a year ago. Overpricing in a soft market means a long listing and an eventual discount anyway.
- Rising market: the annual figure flatters you and the quarterly figure is closer to reality. Perth up 23.9% over the year is only up 2.0% for the quarter.
The costs the median doesn't show
Transaction costs vary enormously by state and are the number most buyers underestimate. On a Sydney median of $1,265,608 versus a Darwin median of $638,187, stamp duty alone is a completely different conversation.
- Stamp Duty Calculator, or go straight to your state: NSW, VIC, QLD, SA, WA
- LMI Calculator if your deposit is under 20%
- Land Tax Calculator for the ongoing cost investors forget
- Rental Yield Calculator for investment yield on the purchase price
Run your own numbers against these medians
- Borrowing Capacity Calculator to see what a lender is likely to offer
- Can I Afford to Buy Calculator for the full upfront picture
- Mortgage Repayment Calculator for repayments at the median in your city
- Rent vs Buy Calculator if you're weighing it against staying put
Source: Property Update city-level market pages using current Cotality and CoreLogic-style market data, as published at the time of the last update to this page.
Related reading
- How to Increase Your Borrowing Capacity
- First Home Guarantee: Buying With a 5% Deposit
- Mortgage Broker vs Bank
Frequently asked questions
Which Australian capital city grew fastest last quarter?
Darwin, at 5.0% for the quarter, followed by Perth at 2.0%. Sydney was the weakest at -3.2%, with Melbourne down 2.6% and Canberra down 1.3%.
Why is a city up over the year but down over the quarter?
Because the growth happened earlier in the twelve months and the market has since cooled. Brisbane is up 17.4% annually but only 1.3% for the quarter. The annual number is history and the quarterly number is closer to now.
What is the median dwelling value in Sydney?
$1,265,608 at the time of this update, the highest of any capital, ahead of Brisbane at $1,118,306 and Perth at $1,046,551. Property data moves monthly, so check a current source before relying on the figure.
Is this the same as ABS property data?
No. This is a current-market index that models dwelling values across the whole housing stock and publishes close to real time. The ABS residential property price series records actual transfers and publishes quarterly with a lag. They measure different things.
Should I buy in a falling market?
A falling market gives you negotiating room, less competition and time on your side. The risk is buying at a high loan-to-value ratio into a market that keeps sliding, because your equity buffer is thin. Your borrowing capacity is set by your income and liabilities, not by market direction, so work that out first.