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The property market defied expectations in 2020, experiencing significant growth around the country.
Last month, CoreLogic found that combined house and unit values have surpassed pre-COVID levels by 1 per cent, and the index is 0.7 per cent higher than the previous October 2017 peak. Every capital city and broad rest-of-state region recorded a rise in housing values over the month, ranging from a 2.3 per cent surge across Darwin to a relatively mild 0.4 per cent rise in Sydney and Melbourne. Meanwhile, the national median residential price now sits at $583,157 as of January 31, 2021.
So what can you get for the median property price in each of our capital cities?
In Australia’s largest capital city market, Sydney, the median property price is $879,299. In the inner city suburbs, for this price, buyers can expect an apartment similar to this 1101A/8 Bourke St, Mascot unit with a guide of $875,000 or this one at 6509/177-219 Mitchell Rd, Erskineville (pictured above) which is on the market for $825,000.
In the Sydney housing market, that median price will get you something a bit further out like this home at 178 Belmore Rd North, Riverwood which has an asking price of $880,000.
Victoria’s capital, Melbourne, comes in with the second highest median house price at $692,162. Those in the market for an inner city apartment are looking at something similar to 3/64-66 Hotham St, St Kilda East or 404/333 Ascot Vale Rd, Moonee Ponds.
Those who want more bang for their buck and would prefer a house, should look more towards the more space friendly, outer Melbourne suburbs like 42 Agora Boulevard, Ferntree Gully or 11 Mcivor Court, Melton West (pictured above).
Australians have been flocking to Queensland over the last year with the ABS recording an increase of 6800 people migrating from interstate over the June 2020 quarter. With this influx, the median house price in the state’s capital currently sits at $527,826. For just over that price, buyers can claim a five bedroom home similar to this one at 62 Hilary St, Morayfield (pictured above) or a spacious inner city unit at 508/70-78 Victoria St, West End.
Coming in at $473,170, the Adelaide median house price will snag buyers a unit like 513/185 Morphett St, Adelaide or a townhouse in the suburbs like 4/5 Osborn Ave, Beulah Park (pictured above) and 3/35 Fletcher St, Woodville North.
In Perth, the median house price of $484,280 will get you a unit or townhouse like 9B Harrison St, Balcatta or 18/1 Preston St, Como.
While the median house price of $523,931 in Hobart will secure you a townhouse at Sandy Bay like 6/287 Churchill Avenue.
Darwin on the other hand has a median house price of $426,215 which will get you this two bedroom apartment at 203/ 6 Finniss St, Darwin City.
In the Australian capital of Canberra the median house price has risen to $686,524 where you can get an inner city apartment for that price like 9/41 Hampton Cct, Yarralumla (pictured above).
