Average House Prices in Australia
According to the latest report by the Australian Bureau of Statistics (ABS), the average house price in Australia is $933,800. This is a significant increase compared to last year (December 2022), when median prices were $881,200. The average price of houses in Australia rose by $52,600 in the last 12 months.
The steadily growing house prices can be attributed to several factors including inflation, population growth, supply and demand, interest rates, and tax policies, to name a few. However, if current 2024 real estate market projections hold, growth of house prices may slow down later this year or early next year.
Average house price in Australia 2023
Quarterly Housing Prices
| September 2023 | December 2023 | Quarter over Quarter Changes | |
|---|---|---|---|
| New South Wales | $1,174,400 | $1,184,500 | +$10,100 |
| Victoria | $895,900 | $895,000 | -$900 |
| Queensland | $803,900 | $828,300 | +$24,400 |
| South Australia | $707,800 | $731,800 | +$24,000 |
| Western Australia | $693,700 | $727,900 | +$34,200 |
| Tasmania | $651,600 | $653,800 | +$2,200 |
| Northern Territory | $490,000 | $489,200 | -$800 |
| Australian Capital Territory | $943,300 | $948,500 | +$5,200 |
| Australia | $920,400 | $933,800 | +$13,400 |
Source: Total Value of Dwellings December Quarter 2023
The average Australian house price rose by $13,400 in the last quarter from $920,400 to $933,800. This is a sizeable bump in prices compared to September 2023 where there was only a $5,500 increase. Most states and territories saw a surge in median house prices except for Victoria and Northern Territory.
Both Victoria Northern Territory median dwelling prices have decreased in the last quarter although minimally by $900 and $800 respectively. Northern Territory has the lowest average house price in Australia at only $489,200 which has gone down from last quarter’s price of $490,000.
On the other hand, New South Wales still has the highest house prices in Australia at $1,184,500. The average price in New South Wales rose by $10,000 since September 2023.
The most dramatic increase in median dwelling prices can be found in Western Australia where the average house prices went from $693,700 to $727,900. Property prices in the area have increased due to a number of reasons such as migration to the state, increased building costs, and an undersupply of housing.
Average house price in Australia & Mortgage Payments
Figuring out mortgage costs is easier when you know the average home price in a state or territory. Although real estate prices vary per suburb, having the median price can be a useful guide when calculating potential mortgage payments.
With the average house prices above, we’ve calculated possible mortgage costs. The estimates below are based on a 30-year standard principal and interest loan with a 6.04% interest rate. The table shows the total interest you may have to pay over the life of your loan and your monthly repayments.
| Average Price of a House | Home Loan Interest Cost (6.04% interest) | Monthly Repayments | |
|---|---|---|---|
| New South Wales | $1,184,500 | $1,383,077 | $7,132.17 |
| Victoria | $895,900 | $1,045,043 | $5,389.02 |
| Queensland | $828,300 | $967,162 | $4,987.40 |
| South Australia | $731,800 | $854,484 | $4,406.35 |
| Western Australia | $727,900 | $849,928 | $4,382.87 |
| Tasmania | $653,800 | $763,409 | $3,936.69 |
| Northern Territory | $489,200 | $571,216 | $2,945.59 |
| Australian Capital Territory | $948,500 | $1,107,516 | $5,711.15 |
| Australia | $933,800 | $1,090,350 | $5,622.64 |
Take note, that more frequent repayments can lower the overall interest costs significantly. If you already have a home in mind, use loans.com.au’s repayment calculator to figure out potential home loan costs.
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About the article
As Australia's leading online lender, loans.com.au has been helping people into their dream homes and cars for more than 10 years. Our content is written and reviewed by experienced financial experts. The information we provide is general in nature and does not take into account your personal objectives or needs. If you'd like to chat to one of our lending specialists about a home or car loan, contact us on Live Chat or by calling 13 10 90.
