Which Capital Cities Have Delivered the Best Long-Term Growth?

While Sydney and Melbourne have historically led property booms, their returns over the past 5 and 10 years now trail behind several smaller capitals.

• Adelaide and Brisbane emerge as the standout performers. Over the past 5 years, both have seen values rise over 75%, and over 10 years they’ve delivered remarkable total growth of 95.1% and 93.8%, respectively. These markets have shown consistent, long-term strength and resilience.

• Perth has delivered the strongest 5-year growth (82%), but over 10 years its return (63.5%) lags behind Adelaide, Brisbane, and even Hobart. Investors may find its recent momentum attractive, but the long-term picture is more modest.

• Hobart saw a surge earlier in the decade, with 85.9% growth over 10 years, but recent performance has slowed (29.7% in 5 years), suggesting it may have already passed its peak cycle and could be in a consolidation phase.

• Sydney and Melbourne, despite their size and stability, now sit mid-pack for long-term returns. Sydney’s 5- and 10-year growth stands at 35.5% and 55.2%, while Melbourne trails further at 15.6% and 39.8%.

• Darwin and Canberra offer mixed signals. Darwin is at its peak and delivered a solid 36.1% 5-year return, but its 10-year growth is just 6.5%, the lowest of all capitals. Canberra, meanwhile, shows more balanced returns with 31% over 5 years and 63.1% over 10.

Insights

If you’re looking for both recent momentum and solid long-term performance, Adelaide and Brisbane remain the top contenders. They’ve not only grown fast - they’ve stayed strong across a full market cycle.

August 2025