Over the last five years, Melbourne has been the standout performer among the major capital cities for house price growth, with prices increasing almost 30 per cent in just 15 months. Perth was the worst performing city, with the median house price unchanged in five years – which is largely a hangover from a resources fuelled boom in prices in the early 2000’s. Sydney also experienced an extended period of price stagnation, although prices did rebound strongly after the GFC induced downturn. In the last 18 months, higher interest rates and a winding back of first home buyer stimulus has resulted in moderate price falls in all markets. Nationally, house prices have declined five per cent, while apartment prices have fallen almost three per cent. Sydney is still the most expensive city in Australia, with both the highest median house and apartment price, and also boasts 66% of suburbs with a median price in excess of $1 million.

Source: Australia Property Monitors