The latest CoreLogic figures show a second consecutive month of slight price growth in the majority of Australian capital cities. This recent growth follows falls over the last year in all Australian capital cities except Adelaide and Perth and is an indication that the market is stabilising.
Read on to find out more about current property values in each major capital city across Australia.
Median property values by capital city
The median property values for all dwellings (houses and units/apartments combined) by capital city are listed below, along with the monthly, quarterly and yearly price growth or fall.
| Capital City | Median Property Value ($) | Monthly Change (%) | Quarterly Change (%) | Yearly Change (%) |
| Sydney | 1,031,138 | 1.3 | 3 | (10.7) |
| Canberra | 839,732 | 0 | (1) | (9.3) |
| Melbourne | 751,125 | 0.1 | 0.3 | (8.9) |
| Brisbane | 705,016 | 0.3 | 0.1 | (9.8) |
| Adelaide | 650,981 | 0.2 | (0.1) | 1.3 |
| Hobart | 648,811 | 0 | (2.4) | (12.7) |
| Perth | 572,837 | 0.6 | 1 | 1.3 |
| Darwin | 484,433 | (1.2) | (2) | (0.5) |
Housing supply continues to remain an issue, particularly on the back of record migration numbers to Australia. However, 11 interest rate rises since May last year has resulted in a market slowdown after the property price boom in most Australian markets in 2020 and 2021.
Record rent increases for landlords
Housing supply is a major issue in the rental market in most Australian capital cities, with rents at an all-time high. The table below shows the median rent for all dwellings in each capital city, along with the monthly, quarterly and yearly price growth or fall. Five capital cities have experienced double-digit rental income growth over the past year Perth, Sydney, Brisbane, Melbourne and Adelaide.
| Capital City | Median Weekly Rent ($) | Monthly Change (%) | Quarterly Change (%) | Yearly Change (%) |
| Sydney | 711 | 1.3 | 3.9 | 13.1 |
| Canberra | 677 | (0.2) | (0.6) | (0.7) |
| Brisbane | 604 | 0.7 | 2 | 11.7 |
| Darwin | 587 | (0.3) | (0.7) | 4.3 |
| Perth | 583 | 1.3 | 3.8 | 13.2 |
| Hobart | 567 | 0.5 | 1.6 | 3.9 |
| Melbourne | 535 | 1.4 | 4.2 | 11.6 |
| Adelaide | 534 | 0.8 | 2.1 | 10.9 |
Record low tenant vacancy rates
These record rents are being driven by record low vacancy rates in most Australian capital cities. These vacancy rates are outlined in the table below. The only capital cities with improved vacancy rates over the past 12 months are Hobart and Canberra.
| Capital City | Current Vacancy Rate (%) | Vacancy Rate 12 Months Ago (%) |
| Adelaide | 0.4 | 0.4 |
| Perth | 0.6 | 1.2 |
| Melbourne | 0.8 | 1.8 |
| Brisbane | 1.1 | 1.1 |
| Sydney | 1.2 | 2 |
| Darwin | 1.4 | 1.6 |
| Canberra | 2 | 0.9 |
| Hobart | 2.2 | 1.2 |
Rental yields
The strong rental yields currently being experienced by property investors in most Australian capital cities are highlighted in the table below. They have increased in every capital city over the past 12 months.
| Capital City | Current Rental Yield (%) | Rental Yield 12 Months Ago (%) |
| Darwin | 6.43 | 5.98 |
| Perth | 4.88 | 4.35 |
| Hobart | 4.37 | 3.72 |
| Brisbane | 4.36 | 3.5 |
| Canberra | 4.12 | 3.77 |
| Adelaide | 4.11 | 3.75 |
| Melbourne | 3.44 | 2.81 |
| Sydney | 3.21 | 2.51 |
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