Australian House Prices 1980–2026: The Long-Run Data by Capital City

Australians argue about house prices constantly, but the long-run numbers are surprisingly hard to assemble in one place. This article does exactly that: median house prices for every capital city at each decade mark from 1980 to 2022, bridged to early-2026 values, in both nominal and real terms — every figure traceable to a primary source. It is the reference table we wish existed every time a retrospective valuation brief asks what a property was worth decades ago.

What is a median house price?

A median house price is the middle value in a set of house prices — half the observations sit above it, half below. It is preferred over the average because a handful of very expensive sales cannot drag it upward. Two versions exist and they are not interchangeable: a transaction median (the middle price of houses actually sold in a period, the basis of the ABS series used in the historical tables below) and a stock median value (a modelled middle value across all houses in a city, sold or not, which is what Cotality’s Home Value Index reports).

That distinction matters whenever you compare figures across sources — and it is flagged wherever the two appear together in this article.

Quick reference: median house prices by capital city, 1980–2026

Historical figures are annual median house prices (averages of the four quarters, nominal dollars) from the Abelson & Joyeux long-run series (ANU Tax and Transfer Policy Institute, Working Paper 14/2023), which splices Abelson & Chung (1970–2003) with ABS Cat. 6432 from 2003. The 2026 column is Cotality’s stock median house value at 28 February 2026 — a different metric, shown for context.

*Cotality Home Value Index median house value, 28 February 2026 — stock-based measure, not directly comparable with the transaction medians in the historical columns.

On the consistent historical series alone (1980 to 2022), Sydney’s median house price multiplied roughly 19 times ($68,850 to $1,291,150), Melbourne and Canberra about 23 times, Brisbane about 22 times, Adelaide about 19 times, Hobart about 20 times, and Perth — the slowest of the eight — about 14 times.

What the long-run data shows

Three findings from the Abelson & Joyeux analysis stand out.

Real prices doubled twice. Stripping out inflation, the real median house price across the capitals approximately doubled between the early 1980s and 2003, and doubled again between 2003 and 2022. Long-run real growth in Australian house prices is a structural phenomenon, not a recent anomaly.

Growth came in bursts, not a straight line. Real house prices were relatively flat in the first halves of the 1980s and 1990s and through most of the 2010s. The major real price rises were concentrated in the second halves of the 1980s and 1990s, the decade from 2000 to 2010, and the surge between 2020 and 2022.

The cities moved together — with two exceptions. Between 1980 and 2003, real medians in Sydney, Melbourne, Brisbane, Adelaide and Canberra all slightly more than doubled, while Perth and Hobart lagged well behind. The pattern then inverted: on the paper’s real index (2003 = 100), Hobart reached 312 by 2022 — the strongest real growth of any capital over that period — while Sydney sat at 184 and Perth at 164.

City by city

Sydney

Sydney started as the most expensive capital in 1980 ($68,850) and never gave up the lead on the historical series, reaching $1,291,150 in 2022 and a Cotality median house value of $1,607,046 in February 2026. Five-year growth to early 2026 was 31.1% — solid, but the slowest of the eight capitals. See property valuation in Sydney.

Melbourne

From $39,500 in 1980 to $922,050 in 2022 — one of the two strongest multipliers among the capitals. But Melbourne’s dwelling values peaked in March 2022 and were still about 1% below that peak in February 2026, with just 11.8% growth over five years — the weakest recent run of any capital. See property valuation in Melbourne.

Brisbane

$35,475 in 1980 — the cheapest capital in the table — to $777,500 in 2022, then one of the strongest post-pandemic runs in the country: 86.1% dwelling value growth in the five years to February 2026, lifting the median house value to $1,175,981 and making Brisbane the second most expensive capital on Cotality’s measure. See property valuation in Brisbane.

Adelaide

Steady rather than spectacular for four decades ($36,000 to $669,525, 1980–2022), then a decisive re-rating: 79.9% growth in five years took Adelaide’s median house value to $980,815 by early 2026 — overtaking Melbourne. See property valuation in Adelaide.

Perth

The great counter-cyclical story. Perth’s median actually fell between 2010 ($507,000) and 2020 ($494,375) as the mining boom unwound — one of only two capitals, with Darwin, to go backwards over that decade — leaving it with the smallest 1980–2022 multiplier (about 14×). It has since led the nation with 90.3% five-year growth and a 22.0% annual rise to February 2026. See property valuation in Perth.

Hobart

From $36,250 in 1980 to $740,500 in 2022 — and on the real index, the standout of the whole dataset: 312 against a 2003 base of 100, the strongest real-terms growth of any Australian capital between 2003 and 2022. Values in early 2026 sat about 3.5% below their March 2022 peak. See property valuation in Hobart.

Darwin

The shortest series (no 1980 observation) and the most cyclical: $534,750 in 2010 during the resources boom, back to $488,750 by 2020 — the steepest decade-long fall of any capital — then a 35.2% five-year recovery — and by early 2026, the largest upswing in annual rental growth of any capital. See property valuation in Darwin.

Canberra

Second most expensive capital in 1980 ($44,675), briefly crossing the million-dollar median in 2022 ($1,017,700). Values in February 2026 were about 1.1% below their May 2022 peak — one of four capitals still below their earlier high. See property valuation in Canberra.

The last five years: a two-speed nation

Cotality’s change in dwelling values over the five years to February 2026 shows how differently the capitals travelled after the pandemic:

A 78-percentage-point spread between Perth and Melbourne over the same five years is a reminder that “the Australian property market” is really eight distinct markets.

Why the long-run series matters for valuation work

Historical price levels are not trivia; they are working inputs in several valuation contexts:

• Retrospective valuations — establishing what a property was worth at a past date (a 1995 inheritance, a 2004 separation, a pre-CGT 1985 acquisition) starts from the market context of that date, and the long-run series frames what “market level” meant at the time.
• Capital gains tax — cost bases and apportionment often hinge on historical values, and the 1 July 2027 transitional rules will make dated valuations more consequential, not less.
• Deceased estate valuations — date-of-death values from years past are routinely required by executors, and archival market evidence anchors them.
• Family law and dispute work — parties frequently contest what a home was worth at a historical milestone; the data above shows how quickly market levels moved around any given date.

Methodology

• Historical series (1980–2022): Abelson & Joyeux, Housing prices and rents in Australia 1980–2023, ANU Tax and Transfer Policy Institute Working Paper 14/2023. Figures are annual median house prices in nominal dollars, computed as unweighted averages of the four quarters (“generally close to” the true annual median, per the authors). Pre-2003 observations derive from Abelson & Chung (2005); 2003 onward from ABS Cat. 6432. Darwin has no 1980 observation in the source.
• Real price statements use the paper’s real median house price indices (2003 = 100), deflated by CPI. They do not adjust for quality change — today’s median house is larger and better equipped than its 1980 counterpart, so real indices overstate like-for-like appreciation.
• February 2026 figures: Cotality Home Value Index, 28 February 2026 release — median house values (stock-based, hedonic), plus published five-year changes and peak-date comparisons for dwellings. These are not transaction medians and should not be spliced onto the historical columns.
• Figures are reported as published by their sources; we round only in prose.

Frequently asked questions

How much did a house cost in Australia in 1980?

On the Abelson & Joyeux long-run series, 1980 median house prices ranged from $35,475 in Brisbane to $68,850 in Sydney, with Melbourne at $39,500, Adelaide at $36,000, Perth at $40,350, Hobart at $36,250 and Canberra at $44,675. Darwin has no 1980 observation in the series.

Which Australian capital has grown the most since 1980?

On nominal medians from 1980 to 2022, Melbourne and Canberra multiplied about 23 times — the strongest of the capitals — with Brisbane close behind at about 22 times. In real terms since 2003, Hobart is the standout: its real price index reached 312 (2003 = 100) by 2022, the highest of any capital.

Have Australian house prices ever fallen for a decade?

Yes — Perth’s median house price fell from $507,000 in 2010 to $494,375 in 2020 as the mining boom unwound, and Darwin’s fell further over the same decade ($534,750 to $488,750). Both then recovered strongly, with Perth leading the nation at 90.3% dwelling value growth in the five years to February 2026.

Do house prices double every ten years in Australia?

Not reliably. The long-run data shows real prices approximately doubled between the early 1980s and 2003, and again between 2003 and 2022 — roughly two decades per real doubling, delivered in bursts with long flat periods (the early 1980s, early 1990s and most of the 2010s) in between. Nominal doublings have been faster in boom decades and absent in weak ones, as Perth’s 2010–2020 decade shows.

Why do different sources quote different median prices for the same city?

Because they measure different things. Transaction medians (ABS) take the middle price of houses actually sold in a period; stock medians (Cotality’s Home Value Index) model the middle value of all houses in the city. Sydney’s 2022 transaction median was $1,291,150 while Cotality’s February 2026 stock median value was $1,607,046 — different metrics as well as different dates, which is why this article never splices them.

What was a house worth at a specific past date, for tax or legal purposes?

Published city medians frame the market level, but the ATO, courts and executors generally need a property-specific figure — a retrospective valuation prepared from sales evidence archived around the relevant date. That applies to CGT cost bases, date-of-death values for estates, and family law matters.

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Sources:

• Abelson, P. & Joyeux, R., Housing prices and rents in Australia 1980–2023, TTPI Working Paper 14/2023, ANU (PDF)
• ABS Cat. 6432 — Total Value of Dwellings
• Cotality Home Value Index, February 2026 release

Historical figures as published by their sources; market values move continuously and this page is not advice. Last verified 5 July 2026. We update this article as new data is released.

See also: Australian Property Valuation Statistics 2026 · Stamp Duty Rates by State 2025-26 · Land Tax by State 2025 · Council Rates by Capital City 2025-26 · Property Valuation Cost in Australia 2026 · Retrospective Valuations Beyond CGT