Australia's property market is showing no signs of slowing down, with data from CoreLogic showing property prices increased by 0.6 per cent in April.
It's the 15th month in a row that Australia's property prices have increased, with the national median dwelling value now $779,819.
CoreLogic's head of research Tim Lawless said higher interest rates, worsening housing affordability and cost of living pressures are keeping property prices higher.
Coupled with a "mismatch" of demand for housing and limited supply, Mr Lawless warned that higher property prices are unlikely to ease in the "near future".
Here's what property prices look like across the country.
What's the most expensive city to buy in?
Sydney remains the most expensive place to buy property in the country, with a median house price of $1.4 million.
But it was the Western Australian capital of Perth that saw the biggest increase to property prices in April, while Melbourne was the only city to see a slight fall in prices.
Here's how much property prices changed in each city in April:
- Sydney: Increase of 0.4 per cent
- Melbourne: Decrease of 0.1 per cent
- Brisbane: Increase of 0.9 per cent
- Adelaide: Increase of 1.3 per cent
- Perth: Increase of 2.0 per cent
- Hobart: Increase of 0.3 per cent
- Canberra: Increase of 0.2 per cent
- Darwin: Increase of 0.6 per cent
Keep scrolling for a more detailed look at each capital city, and how house and unit prices have changed since last year.
Alternatively, tap on one of the cities above to jump straight to its property values — or tap here to jump to changes to property prices in regional Australia.
Sydney
- Monthly change: 0.4 per cent increase
- Median house value: $1,421,413
- Median unit value: $844,659
Properties in Sydney continue to have the highest median prices for both houses and units in the country.
CoreLogic noted that Sydney's property prices have "held reasonably firm", increasing by 0.4 per cent each month for the past three months.
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Melbourne
- Monthly change: 0.1per cent decrease
- Median house value: $941,698
- Median unit value: $613,023
Melbourne is the only capital city that saw a slight drop in property values in April, and has the fourth-highest median property price in the country, behind Sydney, Canberra and Brisbane.
CoreLogic noted that the Victorian capital's property market has "broadly stabilised after recording a -0.8 per cent dip over the three months to January".
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Brisbane
- Monthly change: 0.9per cent increase
- Median house value: $920,046
- Median unit value: $600,215
After previously recording strong gains, Brisbane's property prices dipped below 1 per cent in April for the first time in 12 months.
"We are seeing the pace of gains slow across the Brisbane market," said CoreLogic's head of research Tim Lawless.
"Affordability pressures may be impacting the pace of growth across the city, following a nearly $300,000 increase in values since the onset of COVID in March 2020, the largest dollar value increase of any capital."
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Adelaide
- Monthly change:1.3per cent increase
- Median house value: $800,648
- Median unit value: $514,369
As a "mid-sized capital", properties in Adelaide saw the second-biggest value increase of the capital cities in April.
Compared to the national median property price of $779,817, dwellings in Adelaide are relatively affordable with a median value of $747,732.
In the past 12 months, however, Adelaide's property prices have increased by 14 per cent.
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Perth
- Monthly change:2.0per cent increase
- Median house value: $753,947
- Median unit value: $508,988
Perth remains the capital city with the largest growth in property prices, and has seen dwelling values increase by 21.1 per cent in the past year.
"We aren't seeing any signs of heat coming out of the Perth housing market just yet," Mr Lawless said.
"In fact, the quarterly pace of growth at 6 per cent is approaching the cyclical highs seen during the pandemic, when interest rates were at rock bottom."
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Hobart
- Monthly change: 0.3per cent increase
- Median house value: $692,004
- Median unit value: $528,625
Despite a rise in monthly prices, property values in Hobart are now 0.4 per cent lower compared to a year ago.
Hobart was also the only capital city where there was a larger gain in house prices compared to units in the past three months, Mr Lawless said.
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Canberra
- Monthly change: 0.2per cent increase
- Median house value: $972,699
- Median unit value: $592,879
The housing market in Canberra saw a mild increase in house values in April, with the median house price the second-highest out of any capital city.
In the past 12 months, property prices in Canberra have increased by 2.1 per cent.
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Darwin
- Monthly change: 0.6per cent increase
- Median house value: $579,229
- Median unit value: $364,075
The capital of the Northern Territory remains the most affordable city in the country, with a median property price under $500,000.
CoreLogic noted that housing affordability is "less challenging" in Darwin, which has seen a 1.9 per cent annual increase to dwelling values in the past year.
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What do property prices look like in regional Australia?
Compared to the capital cities, prices in the regions are considerably cheaper in each state and territory.
However, CoreLogic data shows that regional property prices have increased at a faster rate than prices in the capital cities in the first four months of the year.
Regional property prices have increased by 2.6 per cent so far this year, while property prices in capital cities have risen 2.1 per cent.
CoreLogic noted that regional markets with the strongest increases were aligned with the capital cities that had the most growth.
Over the past three months, CoreLogic data showed property prices in regional Western Australia had the largest gains, followed by regional South Australia and regional Queensland.
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