It was revealed this week that home values across the country recorded their largest combined annual fall in six years.
To put that in perspective, though, combined national home values are still 31 per cent higher than they were five years ago, largely due to the booms in Melbourne and Sydney.
The combined capital city median house price as at July 31 is $690,512, according to CoreLogic. But what does that actually buy you in each city?
Sydney’s median house price fell 4.4 per cent in the past 12 months, but remains the nation’s highest at $998,270.
It’s impossible to find a house in the vicinity of the national median in Sydney, the closest we got is a two-bedroom Victorian-era home in Darlinghurst advertised at $800,000.
Melbourne’s median house prices fell 1.4 per cent over the year to July 31, and comes in at $813,064.
This freestanding Victorian weatherboard in the rapidly gentrifying hipster haven Abbotsford looks to be in need of significant renovation, and is quoted at $700,000-$750,000.
Brisbane’s median house has risen 1.3 per cent over the past year, and is currently sitting at $538,693.
Positioned on 486 square metres in the trendy inner-city suburb of Kelvin Grove, this two-bedroom Queenslander is seeking offers over $665,000.
Adelaide’s median house price is up 0.7 per cent in annual terms, and at $465,992 is significantly below the national median.
For $690,000 you could own this three-bedroom bluestone cottage built circa 1890. Located in Parkside, less than three kilometres from the CBD. The renovated home features high ceilings, hardwood floorboards, leadlight windows and a large backyard.
Perth house prices fell 1.8 per cent over the year to July 31, with the median now sitting at $481,612.
This newly built three-bedroom home in happening Mount Lawley is advertised at $689,000 to $709,000.
Hobart house prices have shot up 12.4 per cent over the past year, and the city’s median is currently $456,868.
This four-bedroom West Hobart property boasts panoramic views over Hobart city and the River Derwent and is inviting offers over $690,000.
Canberra house prices have risen 3.5 per cent over the past year, with the median now at $676,109.
This three-bedroom home in Franklin is inviting offers over $685,000.