Key takeaways
National housing markets have continued to rise over April but growth rates were significantly lower than the strong results reported over March.
The national capital city median house price increased by just 0.4% to $1,129,408 over the April quarter compared to the March quarter, according to the latest data from My Housing Market.
The national quarterly house price has nonetheless increased over 14 of the past 15 months and has risen by 10.5% over the year ending April 2024 and is higher by 5.3% over the past two years.
National unit prices also reported modest increases over April following sharp rises over March, with the national unit price up by 0.7% to $646,962 and is now 8.1% higher than the April 2023 result.
National housing markets have continued to rise over April but growth rates were significantly lower than the strong results reported over March.
The national capital city median house price increased by just 0.4% to $1,129,408 over the April quarter compared to the March quarter, according to the latest data from My Housing Market.
The national quarterly house price has nonetheless increased over 14 of the past 15 months and has risen by 10.5% over the year ending April 2024 and is higher by 5.3% over the past two years.
All capitals reported increases in house prices over April except for Hobart down 1.6% and Melbourne where house prices were steady.
Volatile Darwin was the top performer with prices higher by 2.2% followed by Perth up 1.6%, Brisbane higher by 0.9% and Sydney, Adelaide and Canberra up 0.4%, 0.3% and 0.1% respectively.
House prices in most capitals remain significantly higher than reported over April 2023 with Perth still the top performer up by 22.8% followed by Brisbane up 18.8%, Adelaide higher by 15.5% and Sydney up 10.7%.
Melbourne, Darwin and Canberra have reported annual house price increases of 3.1%, 1.5% and 0.8% respectively, with Hobart lower by 1.1%.
Median House Prices April 2024
| Median | Month | This Year | 1 Year | 2 Year | |
|---|---|---|---|---|---|
| Sydney | $1,622,464 | 0.4% | 3.7% | 10.7% | 2.9% |
| Melbourne | $1,072,874 | 0.0% | 1.4% | 3.1% | -2.5% |
| Brisbane | $935,646 | 0.9% | 6.0% | 18.8% | 13.2% |
| Adelaide | $902,385 | 0.3% | 5.9% | 15.5% | 16.5% |
| Perth | $857,295 | 1.6% | 7.9% | 22.8% | 29.7% |
| Hobart | $682,868 | -1.6% | 1.7% | -1.1% | -10.4% |
| Darwin | $654,362 | 2.2% | 7.3% | 1.5% | -1.1% |
| Canberra | $958,901 | 0.1% | 1.8% | 0.8% | -9.8% |
| National | $1,129,408 | 0.4% | 3.9% | 10.5% | 5.3% |
Median Unit Prices April 2024
National unit prices also reported modest increases over April following sharp rises over March, with the national unit price up by 0.7% to $646,962 and is now 8.1% higher than the April 2023 result.
Similar to houses, most capital city unit prices were higher over April, with Perth the top performer up by 1.5% followed by Brisbane, Melbourne, Canberra, Adelaide and Sydney higher by 0.9%, 0.7%, 0.7%, 0.7% and 0.2% respectively.
Darwin and Hobart unit prices however were lower by 2.2% and 6.0%.
| Median | Month | This Year | 1 Year | 2 Year | |
|---|---|---|---|---|---|
| Sydney | $765,023 | 0.2% | 2.5% | 6.8% | 2.1% |
| Melbourne | $573,707 | 0.7% | 0.0% | 4.4% | -2.8% |
| Brisbane | $511,534 | 0.9% | 11.1% | 22.2% | 30.7% |
| Adelaide | $476,579 | 0.7% | 2.8% | 17.9% | 29.0% |
| Perth | $454,107 | 1.5% | 10.1% | 23.1% | 22.0% |
| Hobart | $485,734 | -6.0% | -3.9% | -3.4% | -15.1% |
| Darwin | $363,474 | -2.2% | 13.6% | -1.9% | -2.5% |
| Canberra | $513,699 | 0.7% | 2.2% | 1.7% | 4.2% |
| National | $646,962 | 0.4% | 3.0% | 8.1% | 4.2% |
Perth, Brisbane and Adelaide have clearly reported the highest annual unit price growth over the year ending April 2024, up by 23.1%, 22.2% and 17.9% respectively.
All other capitals have also recorded annual unit price increases - except Darwin down 1.9% and Hobart lower by 3.4%.
Comment
Capital city housing markets have continued to build on the positive start to 2024 over April, although home price growth rates have moderated following the sharp increases reported over March.
Seasonal factors have impacted housing markets with lengthy holidays over April resulting in fewer listings and a lower proportion of higher price homes transacting.
Higher prices may also be impacting affordability and acting to sideline buyers.
Although growth rates have moderated recently, home prices are set to continue to increase over the coming months with value opportunities remaining for buyers in Sydney and Melbourne where prices are still currently below or similar to the previous peaks recorded in early 2022.
Perth, Brisbane and Adelaide are likely to continue to report the strongest capital city results, reflecting heady buyer and seller activity and the clear relative affordability advantages remaining in those capitals.
Underlying drivers will support housing market activity in the shorter term, although the spectre of higher interest rates is re-emerging with recent rises in inflation, if continuing, likely to motivate the RBA to act.
The economy however remains strong with low jobless driving record wages growth.
Continuing high levels of migration will exacerbate chronic housing undersupply driving surging rents and record-low vacancy rates in capital city rental markets, with a near-term significant revival in home building increasingly unlikely.
High and rising rents will provide clear incentives for first-home buyers and investors.
April has consolidated the strong March results with continued positive home price outcomes reflecting record seasonal weekend home auction sales that are likely to continue to remain elevated through May driving prices higher.
