How the property market became millionaires' row
Median house prices in Australian capital cities have seen a dramatic change over the past decade, moving from an affordable price point to a millionaires' row.
Sydney's median house price hit $1 million about 10 years ago and has climbed since, while Melbourne and Canberra have been hovering above $1 million since the lockdown-era. Brisbane and Adelaide have reached seven figures within the last year and Perth isn't far off, based on Domain's median house price data.
In the June quarter of 2014, median house prices in every Australian capital city were below $1 million, according to Domain. Sydney had a median house price of $815,370, Melbourne was $603,631, and Canberra's was $584,349.
By the June quarter of 2024, these three capital cities had increased, all having median house prices of more than $1 million – at $1,654,012, $1,045,894 and $1,079,479 respectively.
Many of the other capitals weren't far behind, with data from the June quarter of 2024 showing Brisbane's median house price at $986,588, Adelaide at $907,564, and Perth at $871,953. Perth's median house price for the March quarter 2025 was $917,706.
So why has buying a house become so expensive?
Dr Nicola Powell, chief of research and economics at Domain, said two factors have pushed up houses prices: population growth and an undersupply of housing.
'Australia has seen strong population growth for many years, even before the pandemic, and we have not matched new housing supply to this growth,' she said.
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