Seven of Australia’s 10 most expensive cities have populations fewer than 100,000, highlighting a surprising trend in the country’s property market, according to Propertyology.
Only Gold Coast, Sunshine Coast, and Sydney exceed this population threshold and still rank among the top 10 cities with Australia’s highest median house prices.
Sydney, with a population of 5.4 million, is the only state capital among Australia’s 10 most expensive cities. It stands out as a major urban center in the ranking.
The inland regional NSW city of Bowral, with a population of just 10,700, ranks sixth in Australia with a median house price of $1.14 million. Despite its small size, Bowral competes with larger cities in terms of property value.
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Byron, with the highest median house price in the country at $1,545,000, remains the top city despite having a smaller population than 71 other Australian cities.
Hobart, known as Australia’s best performing property market over the last 20 years, is the only capital city with the highest median house price in its respective state, showcasing its exceptional growth.
Several regional areas boast high median house prices:
Kiama, just 120 km south of Sydney, ranks as Australia’s second most expensive city.
Meanwhile, Yass Valley, with a median house price of $890,000, outperforms six of eight capital cities despite its inland location, Propertyology reported.
Diamonds in the rough still exist in Australia’s property market.
In 2024, the new benchmark for a low-maintenance house is around $750,000. Cities like Townsville offer exceptional value with a median house price of $450,000.
“On a dollar per capita basis, Australia’s absolute best bang for real estate buck is located in this country’s capital, Townsville,” said Simon Pressley (pictured above), head of research at Propertyology.
From the Garden City of Toowoomba to the tropical paradise of Cairns, Queensland offers diverse lifestyle options. Other notable cities include Cessnock in NSW’s Hunter Valley and Victoria’s Mildura, known for their local wineries and great food experiences.
Despite the affordable options, Pressley warned, “Two decades of official evidence confirming seriously below par capital growth rates is a compelling reason for property investors to avoid all apartments.”
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