Despite the Chaos, Aussie House Prices Keep Climbing in April

Even with a chaotic April full of holidays, political buzz, and global jitters, Australian property prices have inched their way higher — yet again.

New figures show that national home values rose by 0.3 per cent in April, pushing the median price of a dwelling (that’s houses and units combined) to a record $825,349. It’s the third straight month of growth, although the pace has started to ease off — especially in the capital cities.

Eliza Owen, Head of Residential Research at property data firm Coality, said, “It’s still growth, but we’re seeing things cool down a little — especially in Sydney and Melbourne.”

Capital Cities Lag Behind the Regions
Sydney and Melbourne both recorded modest gains of just 0.2 per cent in April. Darwin outshone the lot with a jump of 1.1 per cent — the strongest of any capital city.

But it’s not just about the capitals anymore. The real story is happening in the regions.

“Since October last year, regional areas have consistently outpaced the cities when it comes to monthly growth,” Owen said.

Across regional Australia, prices rose by 0.6 per cent in April — triple the growth seen in the combined capitals. While Adelaide and Perth are now at all-time highs, cities like Sydney, Melbourne, and Canberra still haven’t recovered fully from their previous peaks.

• Sydney house values are still 1.1% below their September 2024 high, with a current median of $1.474 million.

• Melbourne lags even further, down 5.4% from its 2022 peak, with a median of $934,500.

• Canberra sits 6.4% below its peak, with houses priced at a median of $977,737.

Regional Hotspots on the Rise
Plenty of regional towns are seeing steady gains. Newcastle saw values rise by 0.3 per cent in April, hitting a median of $931,920. Over in the Illawarra, prices grew by 0.7 per cent, now averaging $1.051 million. Ballarat in Victoria added 0.6 per cent, with its median house price now at $576,462.

Despite regional growth, capital cities still carry a price premium. The median house price across all capitals now sits above $1 million, compared to about $690,000 in regional Australia.

A Slow Month for Sellers
April wasn’t just about price tags — it was a quiet time for property listings too.

Owen called it “a wild month,” with events like Liberation Day, the lead-up to the Federal election (with housing in the spotlight), and a cluster of public holidays including Easter and Anzac Day all contributing to uncertainty and hesitation among buyers and sellers alike.

“With so much going on, people simply weren’t around. We saw a big dip in listing numbers and auction activity,” she said.

• Just 644 auctions were held across the capitals in the week ending 20th April — the lowest Easter week tally since 2019.

• New listings fell to their lowest April level since 2019, with only 19,650 homes hitting the market in the four weeks to 27th April.

What’s Next?
Interestingly, this slow-down in activity came just as inflation figures dipped below 3 per cent — the first time in three years. That could pave the way for an interest rate cut, which may breathe new life into the housing market in the months ahead.

For now, though, the message is clear: despite all the noise, Australia's property market is still climbing — just at a gentler pace.