Homes just got more expensive to buy in all capital cities – except one

Aerial view of established Adelaide north-eastern suburb with 6-way landscaped roundabout

CoreLogic's September Home Value Index (HVI) recorded a 2.2% growth in national home prices over the quarter, but zooming in to focus on the nation’s capitals reveals one city is resisting the trend. 

Growth in the country’s housing market has eased since the June quarter’s 3% gain, which CoreLogic research director Tim Lawless says is tied to housing supply.

“The three capitals recording the highest capital gain each have advertised supply levels that are around 40% below their previous five-year average.” 

Which cities have gotten more expensive to buy a home? 

The top three cities in terms of home value growth over the quarter were Adelaide, Brisbane, and Perth. These three far outpaced other cities’ growth, with the next-highest, Sydney, lagging behind considerably.

Let's take a look at how home values across each capital city has changed.


Adelaide

Quarterly change: +4.3%

Annual change: +5%

Median value: $691,600

Over the quarter, home prices in Adelaide increased by 4.3% – the highest capital gain.

However, a year-on-year (YOY) analysis shows housing in Adelaide increasing by 5% over 12 months to 30 September 2023. 

The median home price in Adelaide is about $691,600, according to CoreLogic.


Brisbane

Quarterly change: +3.9%

Annual change: +5%

Median value: $761,740

In Brisbane, home prices grew 3.9% over the quarter. Annually, the Queensland capital shared similar YOY growth to Adelaide, at 5%. 

The median price for a home in Brisbane is about $761,740.


Perth

Quarterly change: +3.6%

Annual change: +8.8%

Median value: $618,360

Perth recorded a quarterly gain of 3.6%, not far behind Brisbane. However, the western-most capital posted YOY growth of 8.8%, according to CoreLogic. 

The median home value in Perth sits around $618,360.


Sydney

Quarterly change: +2.5%

Annual change: +7.3%

Median value: $1,110,660

For a city with the highest median home price in the country, Sydney recorded a modest 2.5% quarterly increase in September.

However, the city’s annual home price growth rate is the second-highest, at 7.3%, according to the report. 

The median home price in Sydney is an eye-watering $1,110,660 – about $333,940 more than its traditional property market rival, Melbourne. 


Melbourne

Quarterly change: +1.3%

Annual change: +1.5%

Median value: $776,720

Melbourne’s quarterly home values increased by 1.3%, as of 30 September 2023.

The city’s YOY home value growth was relatively low compared to other cities, at 1.5%. 

The median home price in Melbourne is $776,720, according to CoreLogic.


Darwin

Quarterly change: +1.3%

Annual change: -2.2%

Median value: $493,360

In Darwin, home values grew 1.3% in the September quarter, keeping pace with Melbourne. Darwin’s home prices actually dropped YOY by -2.2%. 

The median home value in Darwin is $493,360, according to CoreLogic’s data. 


Canberra

Quarterly change: +0.4%

Annual change: -3%

Median value: $836,327

In the nation’s capital, Canberra, home values edged slightly in the direction of growth, recording a 0.4% quarterly gain. However, like in Darwin, home values actually dropped YOY by -3%. 

The median home value in Canberra is $836,327, the second most expensive capital city in Australia, despite home prices dropping over the 12 months to September 2023.

A view over the colourful rooftops of Hobart, looking out towards the bay.

Hobart only city to record quarterly and annual home value drops 

Like a child drawing a map of Australia, Tasmania somehow always seems to get left out. 

However, for prospective buyers, the monthly, quarterly, and annual drops in home values in the city present an opportunity to buy for what could be far lower prices than the last 12 months. 


Hobart

Quarterly change: -0.2%

Annual change: -7%

Median value: $658,990

In Hobart, home values dropped slightly by -0.2%.

The annual change, however, saw home values slip by a whopping -7%, according to CoreLogic’s report. 

While home values appear to be on the decline in Hobart, the median price is still higher than in Perth by around $40,630, at $658,990.


Regional property markets an opportunity to buy? 

According to CoreLogic, regional areas recorded lower growth in dwelling values, at a quarterly gain of 1.1% and an annual gain of just 0.4% YOY. 

The median value for a home across Australia’s regions was recorded at about $591,630.

For those looking to buy a home soon, whether as an owner-occupier or with an investment property loan, regional areas may be a viable option. 

However, those looking to purchase within a specific capital city, whether it be to stay close to work, friends, or family, may not have much of a choice but to weather the storm of Australia’s property price recovery. 

Of course, having a home loan with an affordable interest rate can make buying a house a little easier on the wallet. 

So, if you’re starting your search for a property, make your first port of call a home loan comparison, so that you’re aware of the latest rates on offer and if there are any home loan features you might find helpful. 

Start by checking out some of the feature home loans below.

Last updated 21 April 2025 Important disclosures and comparison rate warning*
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Loan purpose
Buying or Refinancing
  • Promoted

    Unloan Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.74 % p.a.
    Variable
    Comparison rate
    5.65 % p.a.
    Initial monthly repayment
    $2,915
    Go to site
    • Built by CommBank
    • The first home loan with an increasing discount (conditions apply)
    • No application or banking fees
  • Promoted

    Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.78 % p.a.
    Variable
    Comparison rate
    5.82 % p.a.
    Initial monthly repayment
    $2,927
    Go to site
    • $0 application fee to pay
    • Unlimited additional repayments
    • Apply in as little as 15 minutes
  • Promoted

    Basic Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 30% min deposit
    • Redraw available
    Interest rate
    5.39 % p.a.
    Fixed 2 years
    Comparison rate
    5.82 % p.a.
    Initial monthly repayment
    $2,805
    Go to site
    • No ongoing fees
    • Free redraw from your loan using Macquarie Online.
    • No application or account management fees
  • Promoted

    Fixed Rate Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    Interest rate
    5.49 % p.a.
    Fixed 2 years
    Comparison rate
    5.91 % p.a.
    Initial monthly repayment
    $2,836
    Go to site
    • No ongoing annual fees
    • Make up to $25,000 extra repayments during a fixed period, fee free (T&Cs apply)
    • Lock in for up to 5 years.
  • Promoted

    Fixed Rate Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • Interest only
    • 20% min deposit
    Interest rate
    5.49 % p.a.
    Fixed 2 years
    Comparison rate
    5.96 % p.a.
    Initial monthly repayment
    $2,836
    Go to site
    • Free extra repayments of up to $25,000 during the fixed rate period.
    • Split loan available
    • Weekly, fortnightly, or monthly repayment options
  • Promoted

    Variable Home Loan 90

    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.79 % p.a.
    Variable
    Comparison rate
    5.83 % p.a.
    Initial monthly repayment
    $2,931
    Go to site
    • No monthly or ongoing fees
    • Option to add an offset for 0.10% p.a.
  • Basic Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 30% min deposit
    • Redraw available
    Interest rate
    5.39 % p.a.
    Fixed 2 years
    Comparison rate
    5.82 % p.a.
    Initial monthly repayment
    $2,805
    Go to site
    • No ongoing fees
    • Free redraw from your loan using Macquarie Online.
    • No application or account management fees
  • 2-Year Discounted - Simple Home Loan Variable

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Redraw available
    Interest rate
    5.49 % p.a.
    Variable for 24 months and then 5.74% p.a.
    Comparison rate
    5.69 % p.a.
    Initial monthly repayment
    $2,836
    Go to site
  • Fixed Rate Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    Interest rate
    5.49 % p.a.
    Fixed 2 years
    Comparison rate
    5.91 % p.a.
    Initial monthly repayment
    $2,836
    Go to site
    • No ongoing annual fees
    • Make up to $25,000 extra repayments during a fixed period, fee free (T&Cs apply)
    • Lock in for up to 5 years.
  • Fixed Rate Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • Interest only
    • 20% min deposit
    Interest rate
    5.49 % p.a.
    Fixed 2 years
    Comparison rate
    5.96 % p.a.
    Initial monthly repayment
    $2,836
    Go to site
    • Free extra repayments of up to $25,000 during the fixed rate period.
    • Split loan available
    • Weekly, fortnightly, or monthly repayment options
Showing 7 results from 415 home loans. Use the filters to see more

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* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

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