How Australian home prices have skyrocketed five years post-pandemic

Five years ago, in March 2020, Australians were plunged into an unprecedented lockdown, bracing for an economic crisis. 

Today, most homeowners have seen the value of their property soar to record highs — and sellers are in a vastly stronger position than they may realise.

Find out how Australian property has changed over a wildly unique five-year period.

The Covid property surge in numbers

Zooming out to the national level, Australia's median property price rose a full +38.4 per cent between March 2020 and February 2025 according to CoreLogic data. 

By comparison, the previous five-year period saw a lift of just +20.6 per cent. 

In dollar terms, the national median price rose from just under $600,000 in 2020 to more than $815,000 in 2025. 

Breaking things down by city, there have been some clear outperformers in the bunch.

Perth and Adelaide have seen explosive growth of more than +70 per cent with Brisbane not far behind. 

Sydney, Hobart, Darwin and the ACT are all in the mid-to-high 20s, while Melbourne has lagged behind with overall gains of nearly +10 per cent. 

Regional markets have also shown remarkable strength since the pandemic with an upswing of +56.3 per cent across all states. 

Looking at the split between houses and units, it's been houses that have come out on top in every market.

Houses clearly overperformed in Sydney, Melbourne and Perth, while the gap was a bit closer in Darwin, Brisbane and the ACT.

With the median Australian home growing by $227,000 in value over just five years, the vast majority of homeowners who bought before the 2021 boom are looking at a very substantial return on investment.

The top growth locations around Australia revealed

While five-year growth of +38.4 per cent represents the middle of the pack, plenty of markets across the country have seen far more — in one case more than doubling. 

Considering how well regional areas performed over the period, it may come as no surprise to see plenty of regional hubs featuring in the top movers list. 

CoreLogic's list of the top 30 growth Significant Urban Areas (SUAs) from 2020 to 2025 was capped off with the following:

1. Murray Bridge, SA: Total growth +101.0 per cent, current median price $496,101
2. Kingaroy, QLD: Total growth +95.6 per cent, current median price $468,554
3. Geraldton, WA: Total growth +94.4 per cent, current median price 94.4
4. Gympie, QLD: Total growth +94.3 per cent, current median price $611,361
5. Busselton, WA: Total growth +93.4 per cent, current median price $926,865

Other highlights outside of the capital cities included:

• Bundaberg, QLD: Total growth +93.3%, current median price $556,430
• Toowoomba, QLD: Total growth +72.7 per cent, current median price $681,349
• Sunshine Coast, QLD: Total growth +65.7 per cent, current median price $1,064,323
• Gold Coast/Tweed Heads, QLD/NSW: Total growth +74.5 per cent, current median price $1,043,760
• Muswellbrook, NSW: Total growth +80.8 per cent, current median price $488,667
• Medowie, NSW: Total growth +70.7 per cent, current median price $827,371
• Nelson Bay, NSW: Total growth +64.5 per cent, current median price $913,112
• Busselton, WA: Total growth +93.4 per cent, current median price $926,865
• Bunbury, WA: Total growth +81.0 per cent, current median price $655,004
• Mount Gambier, SA: Total growth +71.7 per cent, current median price $462,364

There are only two SUAs across the country that have seen home values decline over the five-year period: the outback cities of Alice Springs and Mount Isa.

Despite the overperformance of regional areas, the combined capital city growth of +33.6 per cent since 2020 still means there have been some incredible gains for homeowners all over the nation.

What comes next for Australian property?

We saw conditions easing in most markets towards the end of 2024 as affordability constraints began to bite harder, but after February's interest rate cut there's already been a significant rebound, particularly in Sydney and Melbourne.

Looking ahead, the big four banks are now predicting a further rate cut to come each quarter of 2025, something that could provide another major shakeup to Australian property. 

Historically, rate cuts have been followed by rising property values. CoreLogic analysis shows that for each 1 percentage point drop in the cash rate, national dwelling values could increase by an average of 6.1 per cent.

But it's essential to consider other factors impacting the market, too. 

CoreLogic cautioned that the rate-cutting cycle is expected to be slow, housing affordability remains a widespread issue, and population growth is easing, all of which may keep a lid on any runaway price gains. 

On the whole, they say that "it's looking more convincing that the positive turn is more than a temporary recovery," but it's unlikely we'll see another genuine housing boom similar to 2021 any time soon.

Thinking of selling?

If you're looking to get in on the action in 2025, it's important to be as prepared as possible in order to cut through the competition and achieve a standout result. 

Step 1: Understanding how your market is performing

Every market is different, and understanding your local market is fundamental to making the right selling decisions. Our guide to tracking market trends and data will help you to get a clear picture of how your market is performing and how that impacts you as a seller. 

Step 2: Know what your property might be worth

Getting a free home value estimate is a great way to set a foundation for your selling expectations and begin planning the path forward.

Step 3: Get a no-obligation market appraisal from a top real estate agent

Understand what your property could sell for in the current market by speaking to the top-performing agents in your suburb. Comparing top agents in your area will help you find the perfect partner for your selling journey and move towards a successful result.

Step 4: Finally, get your property listing-ready

Taking a thorough approach to preparing your home for sale is another critical step. From cleaning, decluttering, painting and performing other cosmetic renovations to home staging, photography and marketing, getting your property to sale-ready condition is a must.