When people talk about Australian house prices, they generally talk about the average for the whole of Australia.
This figure is often irrelevant to most people, and does not give a true indication of the individual states or capital cities in Australia.
The average figures quoted are also normally the averages of both New and Established homes, and this can also create a certain amount of distortion, as many new homes are built to a very different standard to the older ones.
Here is a breakdown of the movement in Established house prices in each of some of the Australian Cities:
Median Price of Established House Sales
Sydney
Dec-2002 $444,300
Dec-2008 $465,000
An increase in 6 years of $20,700
An average annual increase for the last 6 years of : 0.76%
Brisbane
Dec-2002 $208,000
Dec-2008 $398,000
An increase in 6 years of $190,000
An average annual increase for the last 6 years of : 11.42%
Melbourne
Dec-2002 $280,000
Dec-2008 $385,000
An increase in 6 years of $105,000
An average annual increase for the last 6 years of : 5.45%
Adelaide
Dec-2002 $195,000
Dec-2008 $355,000
An increase in 6 years of $160,000
An average annual increase for the last 6 years of : 10.50%
Perth
Dec-2002 $206,000
Dec-2008 $420,000
An increase in 6 years of $214,000
An average annual increase for the last 6 years of : 12.60%
Hobart
Dec-2002 $128,000
Dec-2008 $300,000
An increase in 6 years of $172,000
An average annual increase for the last 6 years of : 15.25%
Darwin
Dec-2002 $195,000
Dec-2008 $445,000
An increase in 6 years of $250,000
An average annual increase for the last 6 years of : 14.74%
Canberra
Dec-2002 $291,000
Dec-2008 $455,000
An increase in 6 years of $164,000
An average annual increase for the last 6 years of : 7.73%
Summary of Established property price movements between 2002 and 2008, based on the averaged annual increase for this 6 year period.
- 0.76% Sydney
- 5.45% Melbourne
- 7.73% Canberra
- 10.50% Adelaide
- 11.42% Brisbane
- 12.60% Perth
- 14.74% Darwin
- 15.25% Hobart
The above figures are based on www.abs.gov.au information, sourced from house sales data from the State/Territory Land Titles Office or Valuers-General (VGs) Office in each capital city.