So the market has hit rock-bottom. What does the median price get you now?
Average dwelling prices in Sydney and Melbourne increased in June for the first time since the market peaked in 2017.
The small price bumps came after six months of consistently slowing falls, and so analysts interpreted them as the first signs of recovery.
Assuming they’re right, could now be a good time to buy? But what can you get for the median house price in your city?
Here are your options, based on data and listings from CoreLogic and realestateview.com.au.
The Harbour City is easily the bottom of the pile when it comes to housing affordability, with a median house price of $777,693.
That amount of cash could buy you a one-bedroom apartment in an inner-ring suburb such as Ultimo or Woolloomooloo, or a two-bedroom apartment a little further out, in Marrickville or Stanmore.
If apartment living’s not your style, though, then you might want to head west. Two or three-bedroom houses regularly sell for less than $800,000 in Condell Park and Punchbowl, which are still within an one hour’s commute of the CBD.
It may have just lost its most liveable city crown to Vienna, but Melbourne is certainly not going out of fashion.
From Toorak’s mansions to Collingwood’s striking warehouse conversions, Australia’s booming cultural hub is home to plenty of impressive real estate. And median-priced properties in the city are now exchanging hands for $619,383.
Convince the banks to give you a loan, and that amount of cash could buy you a two-bedroom unit in a CBD high-rise; a two-bed art deco apartment in Northcote or Brunswick; a modern two-bedder in Collingwood; or a three-bedroom house 10 kilometres north-west of the CBD, in Maidstone, Braybook or Sunshine.
Prices in the Sunshine State’s capital haven’t fallen as much as their counterparts in Sydney and Melbourne, but their peak was nowhere near as high to begin with.
The median dwelling price in Brisbane now sits at $486,121, which could snag you a three-bedroom house with a backyard in a middle-ring suburb such as Chermside or Kedron.
Those suburbs are only 10 kilometres north of the city’s CBD. But if you want something a little closer to the action, you could pick up a two-bedroom apartment in Fortitude Valley or Kangaroo Point.
Sydneysiders and Melburnians like to poke fun at Adelaide – mainly for being sleepy, small and somewhat behind the times.
But the City of Churches has plenty going for it, with a fantastic arts festival, a thriving food and drink scene, and a level of affordability that puts Sydney and Melbourne to shame.
The median house price in the South Australian capital is $430,654.
And that money will buy you a three-bedroom house in the northern suburbs of Windsor Gardens, Paradise or Holden Hill; a three-bedroom house in Sturt or Panorama, roughly 20 minutes’ drive from the CBD; or a two-bedroom unit in the CBD.
House prices in Perth have been falling since the end of the mining boom, which means it’s now one of the country’s most affordable cities.
The Western Australian capital’s median price currently sits at $439,732, which is roughly the same level as it was 10 years ago.
For that price tag, you can pick up a three-bedroom house in Balcatta, roughly 13 kilometres from the CBD; a three-bedroom house in St James, seven kilometres south-east of the CBD; or a modern two-bedroom apartment in the heart of the city.
Hobart’s housing crisis is never far from the headlines these days – and for good reason. Prices in the Tasmanian capital have grown by 34.4 per cent over the past five years, and rising homelessness is now a major concern.
Expected to peak sometime soon, the city’s median house price is $453,033 for the time being.
And for that money, you can buy yourself a three-bedroom federation-style cottage in Lenah Valley or Moonah, five kilometres from the CBD; a large one-bedroom unit in the city centre; or a three-bedroom house across the Derwent in Lindisfarne.
As Hobart’s market soared, Darwin’s tanked.
Prices in the country’s most northern capital are down 29.4 per cent from their peak, with the median now sitting at $387,382.
The housing market in Canberra bucked the national trend over the past 12 months.
While Sydney and Melbourne saw average values drop by close to 10 per cent, Australia’s capital city experienced price growth of 1.4 per cent, with the city’s median now sitting at $585,193.
For that price, you can find an old three- or four-bedroom house in outer-suburban areas such as Belconnen, Florey and Evatt; or a two-bedroom apartment in inner suburbs Forrest and Griffith.