National housing markets have continued to rise over April further consolidating the growth recorded over a bumper March quarter, according to the latest data from My Housing Market.
Capital city housing markets have continued to build on the positive start to 2024 with all capitals reporting increases in both house and unit prices throughout March and April.
According to the latest data, the national capital city median house price increased sharply by 2.7% to $1,125,923 in the March quarter and 0.4% to $1,129,408 over the April quarter.
It’s been a big start to the year for Australian property with quarterly house prices increasing over 14 of the past 15 months and an impressive 10.5% over the year ending April, 2024.
With the growth cycle now into its 15th month, national housing values are up 11.1% or approximately $78,000 since the trough in January last year, according to figures from Corelogic.
Median Unit Prices April 2024
National unit prices also reported increases over April following sharp rises over March, with the national unit price up by 0.7% to $646,962, now 8.1% higher than the April 2023 results.
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.
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.
Regional Markets
Regional markets have shown a slightly stronger quarterly growth rate over the past five months than their capital city counterparts, following a 10-month period where the combined capitals index was outperforming.
Looking at value movements over the past three months, the strongest regional markets were aligned with the strongest capital cities. Regional WA (+5.3%) led the pace of gains, followed by Regional SA (3.9%) and Regional Queensland (+3.2%).
The State of the Market
National housing markets have continued to build on the positive start to 2024 over April.
Estimated sales over the past three months are tracking 8.6% higher than at the same time last year, and about 5.1% above the previous five-year average.
According to industry experts, 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.
Experts believe 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.
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.