Median House Prices Hit the Million Mark in Five Cities
Adelaide has become the latest capital city to reach a median house price of $1 million, joining Sydney, Brisbane, Melbourne and Canberra in the expensive property club, according to Domain research.
In a reflection of the housing crisis facing Australians, Domain research has revealed that home buyers will now need an average of $1 million across five capital cities, with only Perth, Darwin and Hobart costing less than one million dollars. Sydney’s median house price is only $8,000 shy of $1.7 million for the March 2025 quarter, while Perth is expected to join the million-dollar mark by the end of the year with a median house price of $917, 760. It is considerably cheaper to buy in Hobart with a median of $710,077, while Darwin remains the cheapest city for housing with a median of $659, 172.
Domain’s median prices refer only to houses and do not include units, which are usually cheaper.
Despite the property growth, Domain’s chief of research and economics, Dr Nicola Powell, said the pace of growth was one-third of 2024 levels.
“Several factors are behind the slowdown—interest rate cuts are expected to be gradual, affordability remains a major barrier, and lending conditions are still tight,” she said.
“On top of that, global uncertainty, including from the Trump administration’s economic and foreign policy stance, could influence the RBA’s next moves.”
Median House Prices Hit the Million Mark in Five Cities
Adelaide has become the latest capital city to reach a median house price of $1 million, joining Sydney, Brisbane, Melbourne and Canberra in the expensive property club, according to Domain research.
In a reflection of the housing crisis facing Australians, Domain research has revealed that home buyers will now need an average of $1 million across five capital cities, with only Perth, Darwin and Hobart costing less than one million dollars. Sydney’s median house price is only $8,000 shy of $1.7 million for the March 2025 quarter, while Perth is expected to join the million-dollar mark by the end of the year with a median house price of $917, 760. It is considerably cheaper to buy in Hobart with a median of $710,077, while Darwin remains the cheapest city for housing with a median of $659, 172.
Domain’s median prices refer only to houses and do not include units, which are usually cheaper.
Despite the property growth, Domain’s chief of research and economics, Dr Nicola Powell, said the pace of growth was one-third of 2024 levels.
“Several factors are behind the slowdown—interest rate cuts are expected to be gradual, affordability remains a major barrier, and lending conditions are still tight,” she said.
“On top of that, global uncertainty, including from the Trump administration’s economic and foreign policy stance, could influence the RBA’s next moves.”