Property prices increased again in May. Here’s what the housing market looks like where you live

June 2, 2024

4 minutes read

Property prices across Australia have increased for the 16th straight month, with CoreLogic data showing an 0.8 per cent increase in May.

It’s also the biggest monthly increase since October last year, and takes the national median dwelling value to $785,556.

The figures also showed that Brisbane has become the second-most expensive capital city for property prices, overtaking Canberra.

It’s the first time since 1997 that the capital of the sunshine state has had the second-highest median dwelling value in Australia.

But for those who are hoping for relief from high property prices will be waiting a while yet, with CoreLogic’s head of research Tim Lawless noting conditions are unlikely to improve until more properties are built.

Here’s what property prices look like across the country.

What’s the most expensive city to buy in?

Sydney remains the most expensive place to buy property in the country, with a median house price of $1.4 million.

Over in Western Australia, Perth recorded the biggest increase to property prices in May, while Hobart and Darwin were the only two cities that saw prices fall slightly.

Here’s how much property prices changed around the country last month:

Sydney: Increase of 0.6 per cent
Melbourne: Increase of 0.1 per cent
Brisbane: Increase of 1.4 per cent
Adelaide: Increase of 1.8 per cent
Perth: Increase of 2.0 per cent
Hobart: Decrease of 0.5 per cent
Canberra: Increase of 0.5 per cent
Darwin: Decrease of 0.3 per cent

Keep scrolling for a more detailed look at each capital city, and how house and unit prices have changed since last year.

Alternatively, tap on one of the cities above to jump straight to its property values — or tap here to jump to changes to property prices in regional Australia.

Sydney

Monthly change: 0.6 per cent increase
Median house value: $1,441,957
Median unit value: $848,961

Unsurprisingly, Sydney remains by far the most expensive city when it comes to house and unit prices.

CoreLogic noted that Sydney’s property market hit a “new milestone” in May, and is now equalling record high prices set at the peak in January 2022.

Dwelling values in Sydney fell by 12.4 per cent after that high, but CoreLogic said the city’s market has since seen a 14.1 per cent increase “through the cycle to date”.

Sydney continues to have the most expensive housing market in the country.(AAP: Dean Lewins)

Melbourne

Monthly change: 0.1 per cent increase
Median house value: $937,289
Median unit value: $614,299

After recording a decrease of 0.1 per cent in April, Melbourne’s property prices recovered in May.

The Victorian capital has the fourth-highest median property price in the country, behind Sydney, Brisbane and Canberra.

Brisbane

Monthly change: 1.4 per cent increase
Median house value: $937,479
Median unit value: $615,429

Brisbane recorded strong growth in its housing market in May to become the second-most expensive city in the country for property prices.

The Queensland capital is also now home to higher house and unit values than Melbourne, and its values have increased five times faster than those in Melbourne since the onset of the COVID-19 pandemic.

In fact, Brisbane values have grown by 59.2 per cent since the start of the pandemic, compared to Melbourne’s growth of 11.2 per cent.

Adelaide

Monthly change: 1.8 per cent increase
Median house value: $811,059
Median unit value: $521,835

Considered a “mid-sized capital” by CoreLogic, Adelaide recorded the second-largest increase to property values in May.

Dwellings in Adelaide are relatively affordable compared to the national median value of $785,556, with the median property value in the South Australian capital coming in at $757,448.

Property prices in Adelaide increased by 1.8 per cent in May.(ABC News: Che Chorley)

Perth

Monthly change: 2.0 per cent increase
Median house value: $769,691
Median unit value: $521,835

Perth recorded the largest growth in property prices in May, and its dwelling values have increased by 22 per cent in the past year.

Alongside its fellow mid-sized capitals Brisbane and Adelaide, Perth has been leading the pace of growth in the country’s housing market.

The number of properties available for sale remains more than 40 per cent below the five-year average for this time of year in Perth, and that limited supply is contributing to higher prices.

Hobart

Monthly change: 0.5 per cent decrease
Median house value: $697,770
Median unit value: $523,843

Hobart was one of only two capital cities to see its property values decline in May, with house prices and unit prices falling by 0.5 per cent and 0.6 per cent respectively.

CoreLogic noted that listings across Hobart are 41 per cent higher than the five-year average, describing it as a “consequence of lower demand”, and noting that home sales are 6.4 per cent below the previous five-year average.

Canberra

Monthly change: 0.5 per cent increase
Median house value: $961,403
Median unit value: $583,587

The modest increase to Canberra’s property prices in May saw it become the third-highest out of the capital cities, with Brisbane outpacing its growth.

In the past 12 months, property prices in Canberra have increased by 2 per cent.

Property prices in Canberra have increased by 2 per cent in the past year.(ACT government)

Darwin

Monthly change: 0.3 per cent decrease
Median house value: $584,538
Median unit value: $363,012

Although it is the most affordable city in the country, Darwin’s median property price is now slightly higher than $500,000.

CoreLogic noted that Darwin is the only capital city that didn’t follow the general trend of seeing a lower rate of growth for the upper quartile home values over the past year.