{"id":185249,"date":"2024-09-22T13:30:41","date_gmt":"2024-09-22T03:30:41","guid":{"rendered":"https:\/\/propertyupdate.com.au\/?p=185249"},"modified":"2024-09-16T10:33:22","modified_gmt":"2024-09-16T00:33:22","slug":"how-did-melbournes-median-dwelling-value-become-sixth-lowest-across-the-australian-capitals","status":"publish","type":"post","link":"https:\/\/propertyupdate.com.au\/how-did-melbournes-median-dwelling-value-become-sixth-lowest-across-the-australian-capitals\/","title":{"rendered":"How did Melbourne\u2019s median dwelling value become sixth lowest across the Australian capitals?"},"content":{"rendered":"

The housing value league tables have evolved significantly over recent years.<\/p>\n

At the onset of COVID in March 2020, Sydney had the highest median dwelling value, followed by Melbourne, the ACT and Brisbane.<\/p>\n

Perth was ranked 7th in terms of median dwelling value, after Darwin with the lowest median, followed by Adelaide.<\/p>\n

Fast forward to August 2024, and Melbourne\u2019s median dwelling value, at $776k is ranked sixth lowest across the eight capital cities, after Darwin ($504k) and Hobart ($655k).<\/p>\n

\"Median<\/p>\n

The difference between Sydney and Melbourne\u2019s median dwelling value is now 52.1%, the largest differential between Australia\u2019s two largest capitals since June 1999.<\/p>\n

Sydney continues to record the most expensive median dwelling value at $1.18 million, but the gap between Sydney and the mid-sized capitals has narrowed substantially.<\/p>\n

Sydney\u2019s median is \u2018only\u2019 35% higher than Brisbane\u2019s, the narrowest difference since July 2013, the 49% premium over Adelaide\u2019s median is the narrowest since May 2013 and the 50.3% premium over Perth\u2019s median hasn\u2019t been this narrow since June 2015.<\/p>\n

The changing hierarchy of housing values across Australia\u2019s capital cities is attributable to both the speed of change in home values as well as the composition of housing.<\/p>\n

Speed of change<\/span><\/h2>\n

The past five years have seen national dwelling values rise by 47.9% but with extreme diversity from city to city.<\/p>\n

\"Cumulative<\/p>\n

Perth has led the pace of gains with a stunning 76.4% rise in values since August 2019, Brisbane values are up 71.5% and Adelaide has surged by 70.8%.<\/p>\n

At the other end of the spectrum is Melbourne where values are up \u2018only\u2019 19.8% and Sydney values have risen by 43.1%.<\/p>\n

Such a rapid pace of growth in housing values across the mid-sized capitals has been a key factor driving the shift in median dwelling value rankings.<\/p>\n

The past 12 months have seen a continuation in this diversity of housing conditions, with the 25.6 percentage point range in annual growth rates across the capital cities now the widest since the height of the mining boom in 2006.<\/p>\n

There are a few factors that have contributed to different speeds of change across the capital cities since the start of the pandemic, including:<\/p>\n