Median house prices around Australia: January 2025

Property is one of Australia's favourite investment vehicles, and no wonder. Previous Your Mortgage analysis found house prices rose by more than 1,400% over the 44 years to October 2024. 

Property values have been influenced by a variety of factors in recent times, including rising interest rates, supply shortages, and shifting buyer demand. Experts suggest price growth may have peaked, with expectations of a more gradual increase moving forward.

So, where does that leave house prices across Australia right now? Keep scrolling as we dive into the latest dwelling value data, courtesy of CoreLogic.

What's Australia's median house price in January 2025?

As of 31 December 2024, the median house price in Australia stands at $879,680.

However, house prices can vary significantly depending on location, particularly between major cities and regional areas. Across the eight state and territory capital cities, the median house price currently sits at $1,008,719, with Sydney leading the market and Darwin having the most affordable prices among the capitals.

In contrast, the combined median house price for regional areas across the country is $672,489, reflecting more affordable options outside of major metropolitan hubs.

What's Australia's median unit price in January 2025?

As of 31 December 2024, the median price of a unit, apartment, or townhouse across Australia stood at $669,700.

The composition of unit markets varies across the country, with higher concentrations typically found in major cities where population density is greater. Consequently, unit prices tend to be higher in urban areas compared to regional locations.

Currently, the median unit price in capital cities is $687,670, while in regional areas, it sits at $579,582.

Units remain an attractive option for both investors and first home buyers due to their relative affordability compared to houses, with demand particularly strong in metropolitan markets.

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Important Information and Comparison Rate Warning

Median house prices in Sydney

Greater Sydney's property market remains one of the most expensive in Australia, with a median house price of $1,470,625 and a median unit price of $859,963. Combined, the city's median dwelling price sits at $1,191,955.

While this reflects a -0.6% decline compared to November 2024, Sydney property values have seen a 70.4% increase over the past decade.

Among the suburbs experiencing the fastest price growth in the past 12 months are Fairfield (+12.5%), St Marys (+10.7%), and Bankstown (+10.2%)

Median house prices in Melbourne

Greater Melbourne's property market has underperformed those of many other Australian capital cities, ending December with a median house price of $917,618 and a median unit price of $807,744. Combined, the city's median dwelling price sits at $774,093.

While this reflects a -0.7% decline compared to November 2024, Melbourne property values have increased by 49.3% over the past decade.

Among the suburbs experiencing the fastest price growth in the past 12 months are Casey - North (+0.6%), Maribyrnong (+0.3%), and Cardinia (+0.3%).

Median house prices in Brisbane

Greater Brisbane's property market continues to grow steadily, with a median house price of $977,575 and a median unit price of $860,893. Combined, the city's median dwelling price sits at $890,746.

This represents a 0.5% increase compared to November 2024, with Brisbane property values rising by 67.7% over the past decade.

Among the suburbs experiencing the fastest price growth in the past 12 months are Ipswich Inner (+16.4%), Ipswich Hinterland (+16.3%), and Springwood - Kingston (+15.8%).

Median house prices in Adelaide

Greater Adelaide's property market remains strong, with a median house price of $866,327 and a median unit price of $587,852. Combined, the city's median dwelling price sits at $814,430.

This reflects a 0.6% increase compared to November 2024, with Adelaide property values surging by 74.3% over the past decade.

Among the suburbs experiencing the fastest price growth in the past 12 months are Playford (+18.4%), Salisbury (+16.6%), and Gawler - Two Wells (+15.5%).

Median house prices in Perth

Greater Perth's property market continues to grow, with a median house price of $847,518 and a median unit price of $583,293. Combined, the city's median dwelling price sits at $813,016.

This represents a 0.7% increase compared to November 2024, with Perth property values rising by 77.0% over the past decade.

Among the suburbs experiencing the fastest price growth in the past 12 months are Swan (+24.0%), Mundaring (+22.2%), and Kwinana (+21.2%).

Median house prices in Hobart

Hobart's property market has softened, with a median house price of $893,924 and a median unit price of $521,109. Combined, the city's median dwelling price sits at $651,043.

This reflects a -0.5% decline compared to November 2024, with Hobart property values rising by 53.2% over the past decade.

Among the suburbs experiencing the fastest price growth in the past 12 months are Sorell - Dodges Ferry (+2.9%), Hobart - North West (+0.7%), and Brighton (+0.3%).

Median house prices in Canberra

The ACT capital's property market has been relatively stable as of late, with the territory commanding a median house price of $965,910 and a median unit price of $587,478. Combined, its median dwelling price sits at $844,277.

This reflects a -0.5% decline compared to November 2024, with Canberra property values rising by 60.3% over the past decade.

Among the ACT suburbs experiencing the fastest price growth in the past 12 months are Molonglo (+2.3%), Tuggeranong (+1.6%), and Belconnen (+1.2%).

Median house prices in Darwin

Greater Darwin's property market remains relatively affordable, with a median house price of $586,699 and a median unit price of $523,293. Combined, the city's median dwelling price sits at $496,871.

This reflects a 0.4% increase compared to November 2024, with Darwin property values rising by 49.3% over the past decade.

Among the areas experiencing the fastest price growth in the past 12 months are Litchfield (+4.4%), Palmerston (+2.9%), and Darwin Suburbs (+0.3%).

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