The east coast of Australia is the nation's
true heartland, with the combined population of Queensland, New South Wales, Australian Capital Territory, Victoria, and Tasmania representing 81% of Australia's population. Large property markets exist in all state capitals, with Sydney, Melbourne, and Brisbane accounting for the vast majority of market share. Prices across most cities have remained strong despite the COVID-19 pandemic, with median house prices across capital cities up 4.6%, and median unit prices up 2.2% over the year.
According to the latest Domain House Price
Report, there has been major discrepancies between state capitals and regional
areas over recent months. While Melbourne has been through a number of
challenges due to the COVID-19 pandemic and shutdown response, prices are
holding despite a significant number of Victorians interested in moving to other
states. Increased interstate activity on realestate.com has come from a number
of inner and affluent Melbourne suburbs, including Malvern, Hawthorn,
Northcote, Richmond, and Brunswick.