Average House Prices in Australia
According to the latest report by the Australian Bureau of Statistics (ABS), the average house price in Australia is $959,300. The latest mean price of residential dwellings has increased by $34,100 since last year. The mean dwelling price increase accompanies a rising number of total residential dwellings. As of March 2024, the number of residential dwellings is 11,176,100.
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 2024
| December 2023 | March 2024 | Quarter over Quarter Changes | |
|---|---|---|---|
| New South Wales | $1,200,300 | $1,212,000 | +$11,70 |
| Victoria | $915,900 | $914,300 | -$1,600 |
| Queensland | $828,700 | $853,900 | +$25,200 |
| South Australia | $738,800 | $760,500 | +$21,700 |
| Western Australia | $731,300 | $770,500 | +$39,20 |
| Tasmania | $651,000 | $655,800 | +$4,800 |
| Northern Territory | $507,300 | $511,400 | +$4,100 |
| Australian Capital Territory | $944,800 | $950,500 | +$5,700 |
| Australia | $945,000 | $959,300 | +$14,300 |
Source: Total Value of Dwellings March Quarter 2024
The average Australian house price has increased again this quarter by $14,300 to $959,300. The increase this March 2024 is a bit higher compared to last quarter’s $13,400 increase. Almost all states and territories saw a surge in median house prices except for Victoria where average house prices fell by $1,600.
The states with the highest average house price in Australia are New South Wales and Victoria. New South Wales has a mean dwelling price of $1,212,000, an increase of $11,700 since last quarter. Even though Victoria’s house price has decreased, it still has one of the highest average house prices in the country at $914,300.
Northern Territory, on the other hand, still has the lowest average house price in Australia at $511,400. It’s only had a minimal increase of $4,100 since last quarter.
The most dramatic increase in median dwelling prices can be found in Queensland and Western Australia. Queensland’s average house prices increased by $25,200 while Western Australia’s rose by $39,200, which is the highest in the country.
Property prices in most of the country have increased due to several reasons such as increased demand, migration to the state, increased building costs, and other economic factors.
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 | $1,212,000 | $1,415,190 | $7,297.75 |
| Victoria | $914,300 | $1,067,578 | $5,505.23 |
| Queensland | $853,900 | $997,056 | $5,141.54 |
| South Australia | $760,500 | $887,995 | $4,579.16 |
| Western Australia | $770,500 | $899,673 | $4,639.37 |
| Tasmania | $655,800 | $765,746 | $3,948.73 |
| Northern Territory | $511,400 | $597,132 | $3,079.27 |
| Australian Capital Territory | $950,500 | $1,109,853 | $5,723.19 |
| Australia | $959,300 | $1,120,126 | $5,776.18 |
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.
