According to the latest PropTrack Home Price Index, the Australian national median home value climbed by 0.22% in November 2023, to $761,000.
This led to news reports such as:
“Home prices across Australia have climbed to new heights yet again, delivering an early Christmas present to homeowners and defying last month’s (Nov 2023) interest rate hike.”
But, as a homeowner, a rise in my property value means nothing. If I choose to sell and buy another home, I am buying into a higher price market, so I see no benefit.
In my view, the majority see no benefit, and many others, wanting to be homeowners, are much worse off. Their incomes are not high enough to cover the higher purchase costs.
November 2023 Median House Prices in Australia.
$823,000 Capital Cities.
$625,000 Regional Australia.
Median House Prices NSW.
$1,065,000 Sydney.
$715,000 Rest of NSW.
Median House Prices Queensland.
$775,000 Brisbane.
$632,000 Rest of Queensland.
Median House Prices Victoria.
$807,000 Melbourne.
$585,000 Rest of Victoria.
Median House Prices South Australia.
$703,000 Adelaide.
$415,000 Rest of SA.
Median House Prices Western Australia.
$622,000 Perth.
$472,000 Rest of WA.
Median House Prices Tasmania.
$656,000 Hobart.
$431,000 Rest of Tasmania.
Median House Prices NT.
$486,000 Darwin.
$501,000 Rest of NT.
Median House Prices ACT.
$846,000 ACT.
How large is an average Australian home in 2023?
How large was an average Australian home 40 years ago in 1983?