Sydney had the highest median house value compared to other capital cities in Australia as of December 2023, with a value of over 1.4 million Australian dollars. Canberra similarly had relatively high median residential housing values, passing Melbourne to top the pricing markets for real estate across the country alongside Sydney.
Housing affordability in Australia
Throughout 2023, 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 2023, Australia’s house price-to-income ratio reached new heights at 121.7 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.
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CoreLogic. (January 2, 2024). Median value of residential houses across Australia as of December 2023, by city (in 1,000 Australian dollars) [Graph]. In Statista. Retrieved September 20, 2024, from https://www-statista-com.ezproxy.canberra.edu.au/statistics/1035927/australia-average-residential-house-value-by-city/
CoreLogic. "Median value of residential houses across Australia as of December 2023, by city (in 1,000 Australian dollars)." Chart. January 2, 2024. Statista. Accessed September 20, 2024. https://www-statista-com.ezproxy.canberra.edu.au/statistics/1035927/australia-average-residential-house-value-by-city/
CoreLogic. (2024). Median value of residential houses across Australia as of December 2023, by city (in 1,000 Australian dollars). Statista. Statista Inc.. Accessed: September 20, 2024. https://www-statista-com.ezproxy.canberra.edu.au/statistics/1035927/australia-average-residential-house-value-by-city/
CoreLogic. "Median Value of Residential Houses across Australia as of December 2023, by City (in 1,000 Australian Dollars)." Statista, Statista Inc., 2 Jan 2024, https://www-statista-com.ezproxy.canberra.edu.au/statistics/1035927/australia-average-residential-house-value-by-city/
CoreLogic, Median value of residential houses across Australia as of December 2023, by city (in 1,000 Australian dollars) Statista, https://www-statista-com.ezproxy.canberra.edu.au/statistics/1035927/australia-average-residential-house-value-by-city/ (last visited September 20, 2024)
Median value of residential houses across Australia as of December 2023, by city (in 1,000 Australian dollars) [Graph], CoreLogic, January 2, 2024. [Online]. Available: https://www-statista-com.ezproxy.canberra.edu.au/statistics/1035927/australia-average-residential-house-value-by-city/