Australian property values rose 8.1 per cent in 2023. Here's what the market has been doing in your area

Australia's property prices rose 8.1 per cent nationally over 2023, an unlikely upswing in the face of rising rates.

With only two states and territories recording an annual drop in house values — Hobart (0.8 per cent), and Darwin (0.1 per cent) — the largest uplifts were seen in Perth (15.2 per cent), Brisbane (13.1 per cent), and Sydney (11.1 per cent).

Values across regional markets were up 4.4 per cent in 2023.

Despite the mixed bag of results, national dwelling values remained 31.3 per cent above where they were before the COVID-19 pandemic.

Here's a look at what happened in your area in 2023. You can jump to the state or territory you want to read about by clicking the links below.

• Australian Capital Territory
• New South Wales
• Northern Territory
• Queensland
• South Australia
• Tasmania
• Victoria
• Western Australia

Australian Capital Territory

Canberra's annual values were up 0.5 per cent.

Housing values in the ACT are still 6.3 per cent below record highs reached in May 2022.

Here are Canberra's most affordable suburbs for houses and units:

• House: Phillip with a median value of $587,806
• Unit: Hawker with a median value of $413,328

New South Wales

Sydney's annual property values rose 11.1 per cent.

Housing values in Sydney had their most recent peak in January 2022, while regional New South Wales saw its peak in May 2022.

Here are Greater Sydney's most affordable suburbs for houses and units:

• House: Tregear with a median value of $656,329
• Unit: Carramar with a median value of $413,810

Northern Territory

Darwin saw a property value decrease of 0.1 per cent in 2023.

It remains the cheapest capital city to buy a home with an average value of $496,000.

Here are Greater Darwin's most affordable suburbs for houses and units:

• House: Gray with a median value of $359,369
• Unit: Bakewell with a median value of $272,038

Queensland

Dwelling values have been rising at more than 1 per cent each month on average in Brisbane since May.

Property values were up 13.1 per cent across 2023.

Meanwhile, regional Queensland values posted an 8.7 per cent lift last year.

Here are Greater Brisbane's most affordable suburbs for houses and units:

• House: Russell Island with a median value of $384,002
• Unit: Kooralbyn with a median value of $259,091

South Australia

In Adelaide, housing values remain 52.3 per cent above pre-COVID levels, and are currently at their peak (up 8.8 per cent).

Regional South Australia was the stand-out for growth conditions with values up 9.4 per cent through 2023.

Here are Greater Adelaide's most affordable suburbs for houses and units:

• House: Elizabeth North with a median value of $363,040
• Unit: Salisbury with a median value of $292,894

Tasmania

Property values in Hobart recorded the largest drop across the capital cities, down 0.8 per cent for 2023.

Prices in regional Tasmania also declined (0.1 per cent).

Here are Greater Hobart's most affordable suburbs for houses and units:

• House: Risdon Vale with a median value of $439,456
• Unit: Clarendon Vale with a median value of $463,162

Victoria

CoreLogic's research director Tim Lawless said the pace of growth in Melbourne and Sydney had "slowed sharply since the June rate hike".

Property values were up 3.5 per cent across 2023, a stark contrast from the 8.1 per cent decline in 2022.

Meanwhile, regional values posted a 1.6 per cent decrease last year.

Here are Greater Melbourne's most affordable suburbs for houses and units:

• House: Melton with a median value of $468,925
• Unit: Carlton with a median value of $353,375

Western Australia

Dwelling values in Perth enjoyed the most significant increases with a 15.2 per cent surge in 2023.

"In Perth, Adelaide, and Brisbane, housing affordability challenges haven't been as pressing relative to the larger cities, and advertised supply levels have remained persistently and substantially below average," Mr Lawless said.

Regional property prices recorded an 8.4 per cent lift across last year.

Here are Greater Perth's most affordable suburbs for houses and units:

• House: Kwinana Town Centre with a median value of $377,497
• Unit: Furnissdale with a median value of $159,912

Which Australian suburbs recorded the biggest falls in 2023?

Suburbs in Greater Hobart dominated 2023's list for the largest falls in house and unit values across the capital cities, according to CoreLogic.

North Hobart and Taroona recorded the largest falls in value over the year for houses, down more than 13 per cent.

Suburbs Wulagi and Gray in Greater Darwin followed closely behind, recording falls of 11.1 per cent and 10.3 per cent respectively.

What will house prices do in 2024?

While there's no crystal ball, the answer largely depends on strong population growth, supply and demand, and interest rates.

SQM research director Louis Christopher is expecting average city prices to move in a range of -1 to +3 per cent nationally in 2024.

But says that Brisbane and Perth are likely to be the only capital cities that will record meaningful rates of price growth.

"The cities of Perth and Brisbane are the only cities expected to record price rises with each respective market driven by a tailwind of a recovering Chinese economy which is anticipated to see strong demand for base commodities such as iron ore," Mr Christopher said.

Elsewhere, he expects price declines to be limited to Sydney, Melbourne, Canberra, and Hobart.

CoreLogic's Eliza Owen said it's not uncommon for slumps to cascade down from the upper end of the market to the more affordable segments.

"For this reason, even markets with very strong performance could see a reduction in the pace of growth through 2024," Ms Owen said.

If you're unable to load the form, click here.