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

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

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.