Here's what the property market across the country looks like after house prices have risen for the 15th month in a row
- Posted By Ayla Miels
The Australian property market continues its upward trend, as indicated by recent figures from CoreLogic, showing a 0.6% increase in property prices in April.
This marks the 15th consecutive month of price growth, with the national median dwelling value now standing at $779,819.
According to Tim Lawless, Head of Research at CoreLogic, factors such as higher interest rates, worsening housing affordability, and increasing cost of living pressures are contributing to sustained high property prices.
Lawless also highlighted the imbalance between housing demand and supply, indicating that property prices are unlikely to decrease in the foreseeable future.
Across the country, Sydney retains its position as the most expensive city to purchase property, boasting a median house price of $1.4 million. However, Perth experienced the largest increase in property prices in April, while Melbourne saw a slight decline.
Here's a summary of property price changes in major cities for April:
- Sydney: 0.4% increase
- Melbourne: 0.1% decrease
- Brisbane: 0.9% increase
- Adelaide: 1.3% increase
- Perth: 2.0% increase
- Hobart: 0.3% increase
- Canberra: 0.2% increase
- Darwin: 0.6% increase
For more detailed insights into some of the capital city's property market, including changes in house and unit prices compared to last year, continue reading below.
Brisbane
- Monthly change: 0.9% increase
- Median house value: $920,046
- Median unit value: $600,215
Following a period of robust growth, Brisbane experienced a slight decline in property prices of less than 1% in April, marking the first decrease in 12 months.
According to Tim Lawless, Head of Research at CoreLogic states, "there has been a noticeable slowdown in the rate of price increases in the Brisbane market".
Lawless noted that affordability concerns might be affecting the pace of growth across the city, particularly considering the substantial rise in property values of nearly $300,000 since the emergence of COVID-19 in March 2020, which represents the largest dollar value increase among all capital cities.
Perth
- Monthly change: 2% increase
- Median house value: $753,947
- Median unit value: $508,988
Perth continues to lead among capital cities in terms of property price growth, with dwelling values rising by 21.1% over the past year.
According to Mr. Lawless, there are no indications of a slowdown in the Perth housing market. In fact, the quarterly growth rate of 6% is approaching the peaks observed during the pandemic when interest rates were exceptionally low.
Melbourne
- Monthly change: 0.1% decrease
- Median house value: $941,698
- Median unit value: $613,023
Melbourne experienced a marginal decline in property values during April, distinguishing it as the sole capital city to do so. It holds the fourth position in terms of median property prices nationwide, trailing behind Sydney, Canberra, and Brisbane.
CoreLogic observed that Melbourne's property market has generally stabilised, following a slight decrease of -0.8% over the three-month period ending January.
While some capital cities such as Melbourne exhibit signs of minor fluctuations in property values, the broader trend across Australia's housing market remains one of resilience and sustained growth. Cities like Perth continue to demonstrate robust upward momentum, with no apparent cooling in sight. This dynamic landscape underscores the diverse nature of Australia's property market, where certain regions may experience temporary adjustments while others show no signs of slowing down.