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Australian Home Prices Continue Upward Trend in April


In April, Australian home values experienced their 15th consecutive month of growth, with CoreLogic’s national Home Value Index rising by 0.6%. This pace matches the gains recorded in both February and March.

A noticeable trend of varying growth rates across regions has emerged, with mid-sized capitals leading the way. Perth topped the growth charts with a 2.0% increase in April, followed by Adelaide at 1.3% and Brisbane at 0.9%. Sydney's monthly change remained steady at around 0.4% for the past three months, while Melbourne's market has stabilised after a slight -0.8% decline over the three months to January. Smaller capitals, such as Hobart and the ACT, have shown consistent, though modest, rises in home values over the past three months.

Most capital cities are experiencing stronger growth in the lower value segments of the market. This trend is also evident between housing types, with unit values growing faster than house values over the past three months.

Regional markets have demonstrated slightly stronger quarterly growth over the past five months compared to their capital city counterparts, reversing a 10-month trend where capital cities outperformed. The strongest regional markets over the past three months have been aligned with the strongest capital cities.

The annualised price change as at 30 April 2024 has Perth up 21.1%, followed by Brisbane at 16.1%, and Adelaide 14% higher over the 12month period.

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