House prices in Australia’s capital cities have shifted considerably in the last five years, with Hobart and Perth seeing dramatic changes.
In dollar terms, Perth has become the capital city with the cheapest house prices in Australia at $461,890, falling from third-last to last place behind Hobart and Adelaide.
It’s a tough pill to swallow for the Western Australian capital as it was once topped the country with the most expensive house prices at its peak in 2006-07, according to CoreLogic Asia Pacific head of research Tim Lawless.
Perth’s drop in house values has been due to a cocktail of factors including RBA rate cuts, strong population growth in Australia’s eastern capitals, and migration away from Western Australia as the mining boom winds down, according to Business Insider Australia.
In contrast, property investors in Hobart are laughing as home prices in Tasmania’s capital city appear to have risen from the ashes over the course of the last five years, with the median house now worth $489,811.
Meanwhile, Sydney and Melbourne have fallen from their 2017-18 peaks to $888,117 and $729,392 respectively – but are still hundreds of thousands of dollars ahead of their counterparts in other state capitals.
Here’s how home values in every Australian capital city have changed since February 2003, courtesy of CoreLogic Asia Pacific head of research Tim Lawless:
The latest property market figures
Sydney and Melbourne’s housing markets have been standouts in taking massive hits, falling 10.4 per cent and 9.1 per cent in the 12 months leading up to February this year, CoreLogic’s latest figures have revealed.
Although Canberra, Adelaide and Hobart saw increases in home values over the past year, Hobart bucked the trend most dramatically with a 12.6 per cent rise in property prices.
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