National home prices continued to stabilise in April after rising for the fourth consecutive month, according to the PropTrack Home Price Index. 

The report found that home prices were up 0.14% nationally in April. This year, the recovery has seen home prices lift a cumulative 0.75%.

Key findings from the report:

• National home prices continued to stabilise in April, rising 0.14%. The cumulative increase in 2023 is now 0.75%.
• Strong migration, tight rental markets and limited supply are offsetting the impact of rapid interest rate rises.
• Out of the capitals, price increases were led by Adelaide (+0.41%), Sydney (+0.40%) and Perth (+0.21%). Brisbane (+0.14%) and Darwin (+0.11%) also saw increases.
• Hobart (-0.27%), Canberra (-0.17%) and Melbourne (-0.11%) were the only capitals to see declines.
• Sydney, the market which led the downturn, is now leading the recovery. Sydney home prices are up 1.68% year to date. With the bounce, Melbourne has overtaken Sydney in terms of annual price falls.
• Canberra and Hobart have seen the largest annual declines, while Adelaide is the strongest performer.
• In recent months, home price growth has been stronger in the combined capital cities than regional areas. This trend continued in April, with regional areas flat and capital city prices lifting 0.20%.

By Eleanor Creagh, Senior Economist, PropTrack

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