From Megalogenis-Oz census etc data

(Go to state by state)

Red is Labor, Blue Liberal, Brown National, Orange Independent. 
Each line shows: rank seat (state) current margin socio demographic  percentage house value increase. 
AEC socio demographic key: r = rural, p = provincial, o = outer metro, i = inner metro

Federal electorates by % median house value increase since 2004. Source: The Australian
[click any seat to go to Pollbludger seat description]

As you know, general expectations are that WA will stick with the government, relative to other states, and WA certainly dominates the top of this table, Qld electorates also scatter around there a bit. Meanwhile, the bottom 50 almost reads like a who's who of NSW seats, with Sydney in particular, and western Sydney even more particularly, at the bottom. No wonder the word is that Sydney is ready to give Mr Howard the heave-ho.

Sydney was the first into the housing bubble, and first out. Melbourne was next.

From this data, the state by state average median house increases since 2004 are:

Western Australia  94%
Tasmania 51%
Queensland 40%
South Australia 28%
Victoria 15%
New South Wales 5%

And here it is by state. Interesting, rural seats have uniformly been doing well. Perhaps there was a a lag, ie the urban ones rose first.

Federal electorates by % median house value increase since 2004, by state. Source: The Australian
[click any seat to go to Pollbludger seat description]

In NSW and Vic it seems to be outer-inner seats (somewhere between the capitals' ultra outer suburbs and their CBDs) that have done worst in house price. They're mainly Labor-held.

(Would love to have equivalent data for the three years going into the 2004 election.).

Read George Megalogenis in The Australian.

The end.