National home prices have increased for 16 consecutive months.
According to the April 2024 PropTrack Home Price Index, national home prices have increased for the 16th consecutive month. There has been a new record in home prices with a growth of 0.23% in April, bringing prices up 1.97% so far this year to sit 6.60% above April 2023 levels. The demand for housing is being stimulated by factors like strong population growth, tight rental markets, low unemployment, and home equity gains. Low supply has assisted home prices reaching a fresh peak in April as strong demand has continued to push prices upwards. Over the past year, property prices in capital cities have increased at a faster rate than in regional areas. However, in April, there was a 0.30% rise in property prices in regional areas, reaching a new record high, which was more than the 0.21% growth seen in capital cities. Regional New South Wales, regional Western Australia, and regional Queensland led growth in April. The report explains that property prices are expected to rise further this year, with housing demand growing by population growth, tight rental markets, and resilient labour market conditions alongside the stable interest rate environment.
Sydney
Sydney's housing prices rose by 0.25% in April, reaching a new high. The market has seen a substantial increase in new property listings this year, and this has been met with strong demand. Nonetheless, the pace of growth has decelerated since the start of 2024, with both monthly and quarterly growth easing in April.
Brisbane
Brisbane's housing market continues to thrive and remains one of the strongest-performing markets over the past year, home prices have risen by 12.82% since April 2023. Prices lifted a further 0.23% in April with the strength of monthly growth easing.
Perth
Perth remains the strongest market in the country for monthly and annual home price growth. In April, home prices rose by 0.83%, and have increased by 20.16% compared to April 2023 levels. The region's affordable housing options, population growth, and tight rental markets have also contributed to the increasing home values.
Darwin
Darwin home prices grew 0.17% in April, with home values up 0.16% on levels seen in April 2023. However, prices remain 2.02% below their May 2022 peak.
ACT
The home prices in Canberra remained mostly unchanged in April, though compared to April 2023 levels, prices are up 2.10%. Despite the ongoing recovery in Canberra, prices are currently 4.40% below their March 2022 peak.
Melbourne
Melbourne's home prices experienced a 0.10% decline in April, but they are still up by 1.10% compared to the same time last year. Prices in Melbourne remain 3.39% lower than the March 2022 peak with price recovery lagging behind Sydney and Brisbane, where prices completely recovered from 2022’s falls last year. However, the city is still performing better than Hobart and Canberra.
Adelaide
Adelaide's housing prices increased by 0.55% in April, reaching a new record high. Adelaide is one of the country's top-performing markets, the city's homes remain affordable, resulting in a 13.99% year-on-year increase in housing prices. Low stock levels are also fuelling competition, with Adelaide's housing prices rising rapidly over the past year.
Hobart
In April, prices in Hobart continued to fall declining 0.24%, home values now sit 1.98% below levels seen this time last year. Hobart remains the weakest capital city market when comparing annual price growth and change from peak. However, it's important to note that Hobart had several years of outperformance and strong growth during the pandemic, which contributed to deteriorating affordability. Despite the recent decline, home prices in Hobart are still up by 35.4% since March 2020.