Ever since I started working in real estate, the adage has been that property prices double every 7-10 years. That’s not the case these days, even though prices have increased significantly through the pandemic.
In May 2023, the national median home price was $730,000 and the median unit price was $560,000. It took 15.4 years (185 months) for the median home price to double, while it took 17.8 years (213 months) for the median unit price to double.
Median house prices across the capital have doubled (14.3 years) faster than across rural markets (16 years). Housing prices were a different story, with rural prices rising twice as fast (17.5 years) as capital prices (18.1 years).
| When PropTrack Median Price Will Double, May 2023: housing |
| region | current median | previous median | months to double | Years to double |
| sydney | $1,308,000 | $648,000 | 115 | 9.6 |
| melbourne | $880,000 | $437,000 | 157 | 13.1 |
| brisbane | $755,000 | $372,000 | 187 | 15.6 |
| Adelaide | $670,000 | $335,000 | 181 | 15.1 |
| Perth | $563,000 | $280,000 | 214 | 17.8 |
| Hobart | $720,000 | $360,000 | 82 | 6.8 |
| Darwin | $585,000 | $289,000 | 200 | 16.7 |
| Australian Capital Territory | $950,000 | $475,000 | 157 | 13.1 |
| capital | $825,000 | $412,000 | 172 | 14.3 |
| Rest of New South Wales | $720,000 | $360,000 | 113 | 9.4 |
| The rest of the Vic. | $587,000 | $291,500 | 115 | 9.6 |
| Rest of Queensland | $550,000 | $275,000 | 213 | 17.8 |
| Rest of SA | $350,000 | $175,000 | 206 | 17.2 |
| Rest of Western Australia | $435,000 | $215,000 | 210 | 17.5 |
| The rest of the tas. | $530,000 | $265,000 | 70 | 5.8 |
| rest of the Northern Territory | $475,000 | $235,000 | 195 | 16.3 |
| region | $582,500 | $290,000 | 192 | 16.0 |
| Nationwide | $730,000 | $365,000 | 185 | 15.4 |
The only markets where median house prices have doubled in less than 10 years are Rural Tasmania (5.8 years), Hobart (6.8 years), Rural New South Wales (9.4 years) and Victoria (9.6 years) ), Sydney (9.6 years).
The slowest for median house prices to double were in Perth (17.8 years), rural Queensland (17.8 years) and rural Western Australia (17.5 years).
It will take time for the unit price to double that of a house
Hobart was the only market where unit prices doubled over 7.8 years in less than 10 years, while rural NSW (13.1 years) and rural Vic (13.8 years) compare prices It doubled quickly.
Perth (19.2 years), Brisbane (18.9 years) and Canberra (18.9 years) took the longest for median unit prices to double.
| When PropTrack Median Price Will Double, May 2023: unit |
| region | current median | previous median | months to double | Years to double |
| sydney | $749,999 | $374,000 | 207 | 17.3 |
| melbourne | $600,000 | $300,000 | 198 | 16.5 |
| brisbane | $473,000 | $235,000 | 227 | 18.9 |
| Adelaide | $432,000 | $215,000 | 201 | 16.8 |
| Perth | $395,000 | $197,000 | 230 | 19.2 |
| Hobart | $545,000 | $272,500 | 94 | 7.8 |
| Darwin | $380,500 | $190,000 | 211 | 17.6 |
| Australian Capital Territory | $585,000 | $290,000 | 227 | 18.9 |
| capital | $580,000 | $290,000 | 217 | 18.1 |
| Rest of New South Wales | $580,000 | $290,000 | 157 | 13.1 |
| Rest of VIC. | $412,500 | $206,000 | 165 | 13.8 |
| Rest of Queensland | $530,000 | $265,000 | 219 | 18.3 |
| Rest of SA | $300,000 | $150,000 | 215 | 17.9 |
| Rest of Western Australia | $319,000 | $158,000 | 223 | 18.6 |
| The rest of the tas. | $400,000 | $200,000 | 174 | 14.5 |
| rest of the Northern Territory | $353,000 | $175,000 | 213 | 17.8 |
| region | $510,000 | $255,000 | 210 | 17.5 |
| Nationwide | $560,000 | $280,000 | 213 | 17.8 |
It is also interesting to note that median house prices in some of the most expensive cities such as Sydney, Melbourne and Canberra have doubled more rapidly than cheaper median cities such as Brisbane, Adelaide, Perth and Darwin. It means that there is
In all capital cities and rural areas, median house prices have more than doubled their median unit prices in a short period of time. This highlights that homes tend to rise in price faster than units.
Lower prices and slower growth also highlight that housing more units in Australia is a good way to address the housing affordability challenge.
Will the pace of price increases accelerate?
Despite very significant price increases in most parts of the country throughout the pandemic, it generally took more than a decade for prices to double, and this trend is expected to continue over the next few years. .
The main drivers of strong inflation in recent decades have been primarily increased borrowing capacity due to lower interest rates, higher household incomes due to more women entering the workforce, easier and greater access to finance, and They were immigrants who created a strong demand for housing.
![](data:image/svg+xml,%3Csvg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 800 450"%3E%3C/svg%3E)
Tasmanian house prices have doubled in less than seven years. Photo: realestate.com.au/buy
There are few signs that the intense immigration of the past decade is abating, but interest rates are unlikely to fall as they have in recent decades, employment participation is unlikely to increase as much, and access to mortgages is likely to remain low. more difficult than in the past.
The days of property prices doubling every 7 to 10 years seem to be completely behind us.