Price movements
Australian property prices have continued their upward trajectory in April, with both houses and units posting solid gains amid a backdrop of significant political and economic shifts. House prices nationally rose by 0.4 per cent to reach a median of $917,433, representing an annual growth of 5.2 per cent. The unit market showed even stronger monthly momentum with prices increasing by 0.5 per cent to $685,637, delivering a yearly growth rate of 4.6 per cent.
This sustained price growth has occurred in Australia’s election year, with Labor’s win expected to expand housing policies. Markets are also anticipating an almost certain interest rate cut at the May RBA meeting. These factors, combined with persistent housing supply challenges, are creating conditions for continued price growth despite some seasonal reductions in listing volumes.
Australian property prices have continued their upward trajectory in April, with both houses and units posting solid gains amid a backdrop of significant political and economic shifts. House prices nationally rose by 0.4 per cent to reach a median of $917,433, representing an annual growth of 5.2 per cent. The unit market showed even stronger monthly momentum with prices increasing by 0.5 per cent to $685,637, delivering a yearly growth rate of 4.6 per cent.
This sustained price growth has occurred in Australia’s election year, with Labor’s win expected to expand housing policies. Markets are also anticipating an almost certain interest rate cut at the May RBA meeting. These factors, combined with persistent housing supply challenges, are creating conditions for continued price growth despite some seasonal reductions in listing volumes.
The capital city housing market continues to display varied performance across Australia’s major cities, with Perth maintaining its position as the standout performer. With a mean price of $912,790, Perth recorded a robust 0.9 per cent monthly gain and an impressive 12.2 per cent year-on-year increase, reflecting the ongoing economic strength in Western Australia’s mining sector and its relative affordability compared to eastern states capitals.
Adelaide remains a strong performer, with its mean house price of $903,860 representing a 0.4 per cent monthly increase and solid 7.8 per cent annual growth. This strong performance continues to reflect Adelaide’s connection to the mining sector and relative affordability. Brisbane has firmly established itself as a million-dollar city, with its average of $1,024,625 reflecting a 0.4 per cent monthly gain and 7.3 per cent annual growth, driven by consistent population growth and housing demand.
The Gold Coast maintains premium values at $1,224,427, rising 0.2 per cent for the month and 4.8 per cent annually, while Sydney continues as Australia’s most expensive market at $1,612,333 with a more substantial 0.6 per cent monthly increase but more modest annual growth of 3.6 per cent. Melbourne shows the least momentum among major capitals, recording just 0.9 per cent annual growth despite a 0.2 per cent monthly improvement. The two-speed market that characterised 2024 persists but is showing signs of convergence as even the slower southern capitals begin to demonstrate more consistent growth.
The unit market across major cities has demonstrated similar patterns, with Perth units once again leading the charge with a remarkable 14.2 per cent annual growth rate and a substantial 1.2 per cent monthly gain. This outstanding performance outpaces even Perth’s strong house market, suggesting investors and first home buyers are increasingly targeting the more affordable unit sector in this high-growth city.
Adelaide and Brisbane continue to show strong performance with annual growth of 9.8 per cent and 9.4 per cent respectively. Brisbane’s unit market performance is particularly notable due to continued strong population growth driving demand for more affordable housing options. The Gold Coast maintains its position as a premium unit market with a median of $899,568, while Sydney remains the most expensive at $901,448, though showing a more modest annual growth of 3.0 per cent.
Melbourne continues to display the most subdued performance among capital cities with annual growth of just 1.0 per cent, highlighting the varied recovery patterns across Australia’s unit markets. The recent Labor victory in the Federal election is expected to bring new housing policies that may stimulate further activity in this market, particularly with expanded first home buyer support measures.
The unit market across major cities has demonstrated similar patterns, with Perth units once again leading the charge with a remarkable 14.2 per cent annual growth rate and a substantial 1.2 per cent monthly gain. This outstanding performance outpaces even Perth’s strong house market, suggesting investors and first home buyers are increasingly targeting the more affordable unit sector in this high-growth city.
Adelaide and Brisbane continue to show strong performance with annual growth of 9.8 per cent and 9.4 per cent respectively. Brisbane’s unit market performance is particularly notable due to continued strong population growth driving demand for more affordable housing options. The Gold Coast maintains its position as a premium unit market with a median of $899,568, while Sydney remains the most expensive at $901,448, though showing a more modest annual growth of 3.0 per cent.
Melbourne continues to display the most subdued performance among capital cities with annual growth of just 1.0 per cent, highlighting the varied recovery patterns across Australia’s unit markets. The recent Labor victory in the Federal election is expected to bring new housing policies that may stimulate further activity in this market, particularly with expanded first home buyer support measures.
Regional housing markets continue to mirror the trends seen in their metropolitan counterparts, with resource-rich states maintaining their leadership positions. Regional Western Australia is the standout performer with 11.7 per cent annual growth and a strong 1.0 per cent monthly increase, bringing the mean price to $534,708. This robust performance continues to be driven by the strength of the mining sector, including both traditional iron ore production and expanding lithium operations supporting the global transition to green energy.
Regional South Australia follows closely with 10.2 per cent annual growth and a 0.7 per cent monthly gain, bringing the mean to $465,031. The strong performance in this market continues to be underpinned by copper production and its positive impact on local employment and population growth. Queensland’s regional markets remain robust with 8.4 per cent annual growth and a 0.6 per cent monthly increase, bringing the average to $729,791. This reflects the ongoing popularity of Queensland’s coastal lifestyle locations, though the rate of growth has moderated from the pandemic-era peaks.
Regional New South Wales and Victoria show more modest annual increases of 3.2 per cent and 1.4 per cent respectively, highlighting the varying impact of local economic conditions on property markets. Regional Victoria recorded no price movement in April, suggesting a potential plateauing in this market after several years of pandemic-driven growth and subsequent normalisation.
The regional unit market exhibits similar patterns, with Western Australia and South Australia leading annual growth at 12.1 per cent and 11.3 per cent respectively. Both regions recorded substantial monthly increases of 1.0 per cent and 0.9 per cent in April, continuing their strong momentum. Regional Queensland maintains strong market conditions with 8.0 per cent year-on-year growth and a 0.5 per cent monthly increase, bringing its mean to $626,898.
Regional New South Wales and Victoria show more modest annual increases of 2.8 per cent and 2.0 per cent respectively, with monthly gains of 0.3 per cent and 0.1 per cent. The Northern Territory recorded the lowest annual growth at 1.5 per cent despite a 0.3 per cent monthly increase. These varying growth rates across regional markets reflect their different economic drivers and demographic trends, with resource-rich regions continuing to outperform areas more dependent on lifestyle and tourism factors.
