Key takeaways
Capital city home prices have continued to rise over April despite higher interest rates and the continued uncertainty over the outlook for inflation and the global economy.
Growth rates however have eased, reflecting also the usual subduing effect of the lengthy April holiday month
The national capital city median house price increased marginally by 0.3% over the April quarter to $1,299,775 compared to the March quarter, according to the latest data from My Housing Market.
National unit prices were also higher over the April quarter compared to the March quarter, rising by 0.4% to $728,042 – and have now increased by 8.1% compared to the April quarter 2025 result.
Brisbane was the top monthly performer over April with unit prices rising by 1.4% followed by Perth and Melbourne each up 1.0%, Canberra higher by 0.9%, Adelaide higher by 0.4% and Hobart up 0.2%. Sydney unit prices however were down marginally by 0.1% over the month with Darwin falling 0
Capital city home prices have continued to rise over April despite higher interest rates and the continued uncertainty over the outlook for inflation and the global economy.
Growth rates however have eased, reflecting also the usual subduing effect of the lengthy April holiday month
The national capital city median house price increased marginally by 0.3% over the April quarter to $1,299,775 compared to the March quarter, according to the latest data from My Housing Market.
Annual national house prices are however higher by 10.4% and have now increased over 14 consecutive months.
Most capitals reported house price increases over the month with Perth the top performer higher by 1.5% followed by Darwin up 1.4%, Brisbane and Hobart each higher by 1.2%, Adelaide up 0.3% and Sydney higher by 0.1%. Melbourne prices fell 0.4% with Canberra down 1.8%.
Most capitals continue to report strong annual house price growth in excess of 10%, with Perth, Darwin, Brisbane, and Adelaide clearly the highest, up by 26.0%, 22.8%, 19.9% and 14.3% respectively.
Quarterly Median House Prices April 2026
| Median | Month | This Year | 1 Year | 2 Year | |
| Sydney | $1,777,307 | 0.1% | 0.2% | 6.0% | 9.4% |
| Melbourne | $1,101,207 | -0.4% | -1.8% | 3.7% | 2.7% |
| Brisbane | $1,218,336 | 1.2% | 4.5% | 19.9% | 30.2% |
| Adelaide | $1,141,540 | 0.3% | 3.9% | 14.3% | 26.5% |
| Perth | $1,215,261 | 1.5% | 8.6% | 26.0% | 42.2% |
| Hobart | $764,020 | 1.2% | 1.9% | 11.6% | 12.9% |
| Darwin | $803,763 | 1.4% | 5.7% | 22.8% | 25.3% |
| Canberra | $1,023,725 | -1.8% | 1.6% | 7.2% | 6.5% |
| National | $1,299,775 | 0.3% | 1.7% | 10.4% | 15.1% |
National unit prices also higher
National unit prices were also higher over the April quarter compared to the March quarter, rising by 0.4% to $728,042 – and have now increased by 8.1% compared to the April quarter 2025 result.
Brisbane was the top monthly performer over April with unit prices rising by 1.4% followed by Perth and Melbourne each up 1.0%, Canberra higher by 0.9%, Adelaide higher by 0.4% and Hobart up 0.2%. Sydney unit prices however were down marginally by 0.1% over the month with Darwin falling 0.3%.
Quarterly Median Unit Prices April 2026
| Median | Month | This Year | 1 Year | 2 Year | |
| Sydney | $817,241 | -0.1% | 1.0% | 4.2% | 6.3% |
| Melbourne | $591,720 | 1.0% | -1.1% | 4.8% | 3.2% |
| Brisbane | $775,661 | 1.4% | 9.2% | 27.5% | 51.7% |
| Adelaide | $624,578 | 0.4% | -0.8% | 12.7% | 30.6% |
| Perth | $690,820 | 1.0% | 11.4% | 30.2% | 51.9% |
| Hobart | $574,218 | 0.2% | 7.1% | -0.7% | 15.3% |
| Darwin | $436,974 | -0.3% | 1.8% | 11.8% | 22.2% |
| Canberra | $504,707 | 0.9% | -0.6% | 0.6% | -2.5% |
| National | $728,042 | 0.4% | 1.9% | 8.1% | 12.2% |
Similar to houses, Perth, Brisbane, Adelaide and Darwin continue to record clearly the highest annual unit price growth to April 2026. up by 30.2%, 27.5%, 12.7% and 11.8% respectively.
Comment
Capital city housing markets have generally reported higher home prices over April although rates of growth have eased compared to March.
Easing housing markets reflect the usual subduing effects of the lengthy April holiday month although higher interest rates and increased uncertainty over the economic outlook have impacted affordability and confidence.
Robust annual home price growth however continues for most capitals with Perth, Darwin, Brisbane, and Adelaide still reporting boomtime results.
Although 2026 is set to continue to produce home price growth generally for most capitals, the rising spectre of further interest rate increases and elevated uncertainty over the outlook for inflation and the economy will act to continue to dampen affordability and confidence.
Brisbane, Adelaide, Perth and Darwin however are again set to lead capital city outcomes for both houses and units - but unlikely to match the extraordinary 2025 results.
Brisbane, Perth and Adelaide continue to record higher median house prices than Melbourne, with Perth now closing in fast on Brisbane and set to lead all but Sydney.
Underlying drivers will continue to support overall housing market activity, although the outlook for RBA interest rates is more problematic, with inflation set to accelerate and economic activity to decline as a consequence of the recent sharp increase in oil prices.
The economy however currently remains strong with a steady and still-low jobless rate and featuring falling unemployed, continued robust jobs growth and a high participation rate.
Housing demand continues to outpace low and diminishing housing supply and although high post-COVID migration levels have clearly eased recently, numbers remain strong and will add to chronic housing undersupply supporting high rents and low vacancy rates generally in capital city rental markets. Following a period of easing rental growth, the latest data continues to report extraordinarily low home rental vacancy rates and predictable signs that rents are on the rise again.
High rents and higher prices continue to provide clear incentives for first home buyers and investors chasing solid investment returns. Ongoing government initiatives to support first home buyers will increase demand and act to place more upward pressure on prices.
Capital city housing markets generally recorded higher house and unit prices over 2023, 2024 and surged over 2025 fuelled by rising buyer and seller confidence through sharp cuts to interest rates.
Although 2026 is again still likely to report higher home prices, significant uncertainty has recently emerged over the near-term future for already higher interest rates and economic activity that will generally dampen buyer and seller confidence – with early signs emerging with recent weakening home auction market clearance rates, particularly in Sydney and Melbourne.
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