Median house prices in Australian capital cities surpass $1 million

By Olivia Gee · · 2 min read
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Terrace houses on a sunny day in a capital city which has experienced significant home price growth.

House prices have continued their meteoric rise in Australia, in particular around capital cities where the median house price has hit a record $1.066 million.

This figure comes from Domain’s most recent house price report , which recorded mind-boggling year-on-year price growth of 25.2% across all the capitals. Quarterly increases were also seen in every city bar Darwin, where house values held steady since September.

While yearly house price increases were as high as 36.6% in Canberra – with Hobart (34.6%) and Sydney (33.1%) not far behind – quarterly rises weren’t as notable (a maximum of 11.3% in Canberra). This could suggest growth pace peaked in early 2021, and we may continue to see some decline down the line.

But that still leaves home owners in a position where their properties have accrued hugely significant value. 

In Sydney for example, the report data shows house prices rising by approximately $1,100 each day over 2021, meaning an average house became almost $400,000 more valuable last year.

City folk who own units have also seen considerable property value gains over the past 12 months and in the last quarter, although not at the same rate as house owners. When looking at units across the capitals, prices rose by 7.7% year-on-year and 1.9% for the last quarter. 

This equates to house prices rising about three times faster than units throughout 2021.

For those still just dreaming about owning their own home, this all means that goal may be harder to reach.The impact of wild property prices is compounded by stagnant wage growth that continues to be outstripped by the rising consumer price index (one measure of the cost of living that’s recorded by the Australian Bureau of Statistics).

Home loan interest rates have also been on the move recently, with fixed rates steadily climbing in anticipation of the Reserve Bank increasing the cash rate earlier than originally planned. Meanwhile, banks and lenders have maintained some rock-bottom variable rates in an effort to draw borrowers away from locking in longer fixed terms while they are still relatively competitive, as more hikes are likely on the horizon.

If you’re keen to explore mortgage rates and features available right now, head to our home loans comparison page or check out a few of the options below.

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Last updated 11 August 2025 Important disclosures and comparison rate warning*
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  • Promoted

    Discount Fixed Rate

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Cashback
    Interest rate
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    Fixed 2 years
    Comparison rate
    5.62 % p.a.
    Initial monthly repayment
    $2,651
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    • $2,000 cashback for new loans (T&Cs apply)
    • Up to $10,000 extra repayments annually
    • One free residential valuation per application
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    Unloan Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.49 % p.a.
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    Initial monthly repayment
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    • The first home loan with an increasing discount (conditions apply)
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    • Built by CommBank
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    Lite Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.54 % p.a.
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    5.56 % p.a.
    Initial monthly repayment
    $2,852
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    • Earn Virgin Money Points every month
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    • Make additional repayments and redraw at no extra cost
  • Promoted

    Fixed Rate Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    Interest rate
    5.29 % p.a.
    Fixed 2 years
    Comparison rate
    5.67 % p.a.
    Initial monthly repayment
    $2,773
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    • 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

    Basic Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    • Cashback
    Interest rate
    5.63 % p.a.
    Variable
    Comparison rate
    5.65 % p.a.
    Initial monthly repayment
    $2,880
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    • $3,000 cashback when refinancing $700k+ (T&Cs apply)
    • Unlimited free redraw and extra repayments
    • No account-keeping or monthly fees
  • Promoted

    Fixed Rate Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • Interest only
    • 20% min deposit
    Interest rate
    5.29 % p.a.
    Fixed 2 years
    Comparison rate
    5.72 % p.a.
    Initial monthly repayment
    $2,773
    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

  • Discount Fixed Rate

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Cashback
    Interest rate
    4.89 % p.a.
    Fixed 2 years
    Comparison rate
    5.62 % p.a.
    Initial monthly repayment
    $2,651
    Go to site
    • $2,000 cashback for new loans (T&Cs apply)
    • Up to $10,000 extra repayments annually
    • One free residential valuation per application

  • Optimum Fixed Rate Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    4.99 % p.a.
    Fixed 1 year
    Comparison rate
    5.99 % p.a.
    Initial monthly repayment
    $2,681
    Go to site
    • No application, establishment or monthly fees
    • Make extra repayments up to $20,000 per year
    • Free redraw facility to access additional funds

  • Fixed Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    • Redraw available
    • Cashback
    Interest rate
    5.09 % p.a.
    Fixed 2 years
    Comparison rate
    5.69 % p.a.
    Initial monthly repayment
    $2,712
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    • Get up to $4,000 cashback (T&Cs apply)
    • Up to 12 months repayments in advance without penalties
    • Split loan available

  • 2-Year Discounted Simple Home Loan Variable

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Refinance only
    • Redraw available
    Interest rate
    5.24 % p.a.
    Variable for 24 months and then 5.49% p.a.
    Comparison rate
    5.45 % p.a.
    Initial monthly repayment
    $2,758
    Go to site
    • 2-year discounted variable rate offer for owner-occupiers
    • No application or ongoing fees and up to $1,000 towards legal and valuation costs (T&Cs apply)
    • Make unlimited extra repayments and access free redraw anytime

  • Fixed Rate Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    Interest rate
    5.29 % p.a.
    Fixed 2 years
    Comparison rate
    5.67 % p.a.
    Initial monthly repayment
    $2,773
    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
    5.29 % p.a.
    Fixed 2 years
    Comparison rate
    5.72 % p.a.
    Initial monthly repayment
    $2,773
    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

  • Unloan Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.49 % p.a.
    Variable
    Comparison rate
    5.40 % p.a.
    Initial monthly repayment
    $2,836
    Go to site
    • The first home loan with an increasing discount (conditions apply)
    • No application or banking fees
    • Built by CommBank

  • Discount Great Rate Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    • Cashback
    Interest rate
    5.49 % p.a.
    Variable
    Comparison rate
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    Initial monthly repayment
    $2,836
    Go to site
    • Get up to $3,000 cashback when you apply online (T&Cs apply)
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    • Low variable rate

  • OMG Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Redraw available
    Interest rate
    5.49 % p.a.
    Variable
    Comparison rate
    5.52 % p.a.
    Initial monthly repayment
    $2,836
    Go to site
    • No ongoing annual fees
    • Pre-approval valid for 3 months

  • Flex Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.53 % p.a.
    Fixed 2 years
    Comparison rate
    5.86 % p.a.
    Initial monthly repayment
    $2,848
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    • Multiple offset accounts available
    • Free extra repayments
    • Easy redraw facility

  • Lite Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.54 % p.a.
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    Comparison rate
    5.56 % p.a.
    Initial monthly repayment
    $2,852
    Go to site
    • Earn Virgin Money Points every month
    • No ongoing home loan fees
    • Make additional repayments and redraw at no extra cost

  • Budget Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    • Cashback
    Interest rate
    5.54 % p.a.
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    Comparison rate
    5.57 % p.a.
    Initial monthly repayment
    $2,852
    Go to site
    • Get up to $4,000 cashback (T&Cs apply)
    • Split loan available

  • Variable Home Loan 90

    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.54 % p.a.
    Variable
    Comparison rate
    5.58 % p.a.
    Initial monthly repayment
    $2,852
    Go to site
    • No monthly or ongoing fees
    • Option to add an offset for 0.10% p.a.

  • Everyday Home Loan

    • Owner occupier
    • Principal & Interest
    • Interest only
    • 20% min deposit
    • Redraw available
    Interest rate
    5.54 % p.a.
    Variable
    Comparison rate
    5.59 % p.a.
    Initial monthly repayment
    $2,852
    Go to site
    • Access unlimited free redraw on extra repayments
    • No monthly account keeping fees
    • Option to split your loan (fee applies)
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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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