Property Price Comparison Across Major Australian Cities

At the end of 2019, a well-known Australian property website released price forecasts for the major cities. At that time, the entire property market was in very good shape, so the growth predictions for 2020 and 2021 across all cities were very positive.

However, once 2020 arrived, the pandemic left the property market across Australia fairly weak in the first half of the year. The bar chart below compares the median prices for each state. This differs from the earlier table showing capital city prices, as the median price in a capital city tends to be higher than that of its state. This calculation is based on the properties sold during the relevant period, so it cannot fully represent the overall market conditions.

In June this year, the government introduced a series of grant policies, together with the stimulus of the central bank's interest rate cuts. The second half of the year saw the property market heat up. According to the Australian property price analysis report just released on 30 November 2020, we can see that all cities recorded some modest growth over the past year, with Brisbane standing out in particular, achieving a growth rate of 3.2% for the year.