How Home Prices Stand in Sydney, Melbourne and Adelaide in 2026

Australia’s housing market has continued to evolve in 2026, with prices showing different trends across major cities. While Sydney remains one of the most expensive markets, Melbourne and Adelaide offer more affordable options — though both have seen notable increases in recent years.

Here’s a look at the latest approximate home prices across the three cities, including houses, townhouses, apartments and land values.

Sydney: A Premium Market

Sydney continues to be Australia’s most expensive city for property, with strong demand and limited land supply pushing prices higher.

Sydney Median Property Prices

• 🏠 Stand-alone house: ~$1,860,000 AUD
• 🏢 Apartment / Unit: ~$900,000 AUD
• 🏡 Townhouse / Duplex: ~$1,350,000 AUD
• 🌳 Vacant Land (per square metre): $950 – $1,100 AUD/sqm

Key factors in Sydney:

• Ongoing strong demand from local buyers
• Limited availability in key suburbs
• High foreign and interstate interest
• Rising costs of construction

Even with some market cooling, Sydney prices remain far above the national average.

Melbourne: Diverse Market with Balanced Growth

Melbourne’s property market has seen solid growth, with pockets of high demand in both inner and outer suburbs.

Melbourne Median Property Prices

• 🏠 Stand-alone house: ~$1,220,000 AUD
• 🏢 Apartment / Unit: ~$680,000 AUD
• 🏡 Townhouse / Duplex: ~$940,000 AUD
• 🌳 Vacant Land (per square metre): $750 – $900 AUD/sqm

Trends in Melbourne:

• Outer suburbs (e.g., Wyndham, Craigieburn) seeing strong demand
• Inner areas remaining attractive for investors and downsizers
• A growing market with slightly more affordability than Sydney
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Adelaide: More Affordable but Rising

Adelaide is often seen as one of Australia’s more affordable capital cities, but prices have climbed as interstate migration increases demand.

Adelaide Median Property Prices

• 🏠 Stand-alone house: ~$760,000 AUD
• 🏢 Apartment / Unit: ~$460,000 AUD
• 🏡 Townhouse / Duplex: ~$620,000 AUD
• 🌳 Vacant Land (per square metre): $380 – $500 AUD/sqm

Adelaide market drivers:

• Increased buyer interest from outside SA
• Good rental yields attracting investors
• Steady employment growth and infrastru

Why Prices Are What They Are

The variations between cities largely reflect:

• Supply and demand imbalances
  Sydney and Melbourne have constrained land, while Adelaide still has more growth space
• Interest rates
  Ongoing rate adjustments affect buyer borrowing capacity
• Lifestyle migration
  People seeking affordability moved from Sydney and Melbourne to Adelaide or regional areas
• Investor activity
  Inner Melbourne and Sydney units remain popular with property investors

What Buyers Should Consider

Finance and Affordability

• First-home buyers are using government assistance schemes to manage deposits
• Many buyers are opting for townhouses or units instead of stand-alone houses

Time Horizon

• Long-term buyers tend to benefit from historical capital growth
• Short-term market swings may affect buyer decisions

Location Matters

• Inner city properties have different pricing dynamics than outer suburbs
• Transport, schools and amenities still drive premium prices

Conclusion

Australia’s property market in 2026 remains strong but varied:

• Sydney remains the most expensive with premium pricing
• Melbourne shows balanced growth and wider price ranges
• Adelaide offers more affordability but is growing steadily

Whether you’re buying your first home, upgrading, downsizing or investing, understanding these city differences and current price brackets helps you make informed decisions.