It was revealed this week that home values across the country recorded their largest combined annual fall in six years.
To put that in perspective, though, combined national home values are still 31 per cent higher than they were five years ago, largely due to the booms in Melbourne and Sydney.
The combined capital city median house price as at July 31 is $690,512, according to CoreLogic. But what does that actually buy you in each city?
Sydney’s median house price fell 4.4 per cent in the past 12 months, but remains the nation’s highest at $998,270.
It’s impossible to find a house in the vicinity of the national median in Sydney.
Melbourne’s median house prices fell 1.4 per cent over the year to July 31, and comes in at $813,064.
A freestanding Victorian weatherboard in the rapidly gentrifying hipster haven Abbotsford looking to need significant renovation, is quoted at $700,000-$750,000.
Brisbane’s median house has risen 1.3 per cent over the past year, and is currently sitting at $538,693.
Positioned on 486 square metres in the trendy inner-city suburb of Kelvin Grove, a two-bedroom Queenslander is seeking offers over $665,000.
Adelaide’s median house price is up 0.7 per cent in annual terms, and at $465,992 is significantly below the national median.
For $690,000 you could own a three-bedroom bluestone cottage built circa 1890. Located in Parkside, less than three kilometres from the CBD. The renovated home features high ceilings, hardwood floorboards, leadlight windows and a large backyard.
Perth house prices fell 1.8 per cent over the year to July 31, with the median now sitting at $481,612.
A newly built three-bedroom home in Mount Lawley is advertised at $689,000 to $709,000
Hobart house prices have shot up 12.4 per cent over the past year, and the city’s median is currently $456,868.
A four-bedroom West Hobart property boasting of panoramic views over Hobart city and the River Derwent is inviting offers over $690,000.
Canberra house prices have risen 3.5 per cent over the past year, with the median now at $676,109.
A three-bedroom home in Franklin is inviting offers over $685,000.
Darwin house prices have fallen 2.2 per cent over the past year, with the city’s median house price currently $507,480.
A three-bedroom home in Muirhead is asking for offers over $649,000.