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

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.

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.
Home loan comparisons on Mozo - last updated 11 December 2023
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Featured Product
Mozo experts choice awards won:
- Low Cost Home Loan - 2023
Unloan Variable
Owner Occupier, Refinance Only, LVR <80%
interest rate
comparison rate
Initial monthly repayment5.74% p.a. variable5.65% p.a.For refinancers only. Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply in as little as 10 minutes.
CompareCompareUnloan Variable
For refinancers only. Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply in as little as 10 minutes.
- interest rate
- 5.74% p.a. variable
- comparison rate
- 5.65% p.a.
- interest rate
- 5.74% p.a. variable
- comparison rate
- 5.65% p.a.
- Upfront fees
- $0
- Ongoing fees
- $0.00
- Discharge Fee
- $0.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $10,000
- maximum borrowing amount
- $10,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Unloan Unloan Variable
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Home Variable Rate
Owner Occupier, Principal & Interest, Refinance Only
interest rate
comparison rate
Initial monthly repayment6.15% p.a. variable6.15% p.a.Enjoy a competitive variable interest rate from Up. No application, monthly, annual, redraw, or discharge fees to pay. Up to 50 free offset accounts available. Up home loans are only available to owner-occupiers buying or refinancing in major Australian cities. Up is 100% owned by Bendigo Bank. New joiners get $10 by signing up to the app using code UPHOMEMOZO. (T&Cs apply) Mozo Experts Choice award winner.
CompareCompareHome Variable Rate
Enjoy a competitive variable interest rate from Up. No application, monthly, annual, redraw, or discharge fees to pay. Up to 50 free offset accounts available. Up home loans are only available to owner-occupiers buying or refinancing in major Australian cities. Up is 100% owned by Bendigo Bank. New joiners get $10 by signing up to the app using code UPHOMEMOZO. (T&Cs apply) Mozo Experts Choice award winner.
- interest rate
- 6.15% p.a. variable
- comparison rate
- 6.15% p.a.
- interest rate
- 6.15% p.a. variable
- comparison rate
- 6.15% p.a.
- Upfront fees
- $0
- Ongoing fees
- $0.00
- Discharge Fee
- $0.00
- Extra repayments
- yes - up to $30,000
- Redraw facility
- yes - free
- Offset account
- yes
- Maximum loan to value ratio
- 90.00%
- minimum borrowing amount
- $50,000
- maximum borrowing amount
- $10,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Up Home Variable Rate
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Mozo experts choice awards won:
- Packaged Home Loan - 2023
Variable Rate Home Loan Special Offer
Package, Owner Occupier, Principal & Interest, LVR<80%
interest rate
comparison rate
Initial monthly repayment6.14% p.a. variable6.51% p.a.Package benefits across Home Loans, Visa Credit Card, Personal Loans and Term Deposits. No package fee for the first year. No application, settlement or redraw fees to pay. Quick and easy application. Free CoreLogic RP Data property reports. *Terms, conditions and lending criteria apply.
CompareCompareVariable Rate Home Loan Special Offer
Package benefits across Home Loans, Visa Credit Card, Personal Loans and Term Deposits. No package fee for the first year. No application, settlement or redraw fees to pay. Quick and easy application. Free CoreLogic RP Data property reports. *Terms, conditions and lending criteria apply.
- interest rate
- 6.14% p.a. variable
- comparison rate
- 6.51% p.a.
- interest rate
- 6.14% p.a. variable
- comparison rate
- 6.51% p.a.
- Upfront fees
- $0
- Ongoing fees
- $395.00 yearly
- Discharge Fee
- $350.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- yes
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $150,000
- maximum borrowing amount
- -
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- $0 package fee for the first year.
Read our Mozo Review to learn more about the Credit Union SA Variable Rate Home Loan Special Offer
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Mortgage Simplifier
LVR<80%, Owner Occupier, Principal & Interest
interest rate
comparison rate
Initial monthly repayment6.14% p.a. variable6.43% p.a.Get a competitive variable rate with ING’s Mortgage Simplifier. Free extra repayments, no monthly or annual fees. Freedom to make free extra repayments or redraws. Winner of Australia’s Best Essential Bank in the Mozo Experts Choice Awards.
CompareCompareMortgage Simplifier
Get a competitive variable rate with ING’s Mortgage Simplifier. Free extra repayments, no monthly or annual fees. Freedom to make free extra repayments or redraws. Winner of Australia’s Best Essential Bank in the Mozo Experts Choice Awards.
- interest rate
- 6.14% p.a. variable
- comparison rate
- 6.43% p.a.
- interest rate
- 6.14% p.a. variable
- comparison rate
- 6.43% p.a.
- Upfront fees
- $299
- Ongoing fees
- $0.00
- Discharge Fee
- $250.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $150,000
- maximum borrowing amount
- $2,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the ING Mortgage Simplifier
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Featured Product
Mozo experts choice awards won:
- Low Cost Home Loan - 2023
Unloan Variable
Investment, Refinance Only
interest rate
comparison rate
Initial monthly repayment6.04% p.a. variable5.95% p.a.For refinancers only. Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for investors. No application or banking fees. No monthly account keeping or early exit fees. Apply in as little as 10 minutes.
CompareCompareUnloan Variable
For refinancers only. Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for investors. No application or banking fees. No monthly account keeping or early exit fees. Apply in as little as 10 minutes.
- interest rate
- 6.04% p.a. variable
- comparison rate
- 5.95% p.a.
- interest rate
- 6.04% p.a. variable
- comparison rate
- 5.95% p.a.
- Upfront fees
- $0
- Ongoing fees
- $0.00
- Discharge Fee
- $0.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $10,000
- maximum borrowing amount
- $10,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Investor
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Unloan Unloan Variable
* 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.
^See information about the Mozo Experts Choice Home Loan Awards
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