Home values hit new record highs in April | Latest Proptrack Report

Key takeaways

Australia’s median home price hit a new record high in April, rising 0.20% to reach $805,000.

Regional areas led the gains, recording combined growth of 0.30% over the month. Capital city home values
(+0.16%) also rose to a new peak in April, with prices up in every city.

Compared to 12 months ago, capital city prices are sitting 3.35% higher, with regional areas 4.61% higher.

Adelaide was the strongest performing capital in April, rising 0.30%, followed by Melbourne (+0.25%) and Canberra (+0.20%). Adelaide has also taken the crown for strongest annual growth (+10.77%), overtaking Perth (+9.30%).

The top performing markets in April were regional Queensland (+0.49%) and South Australia (+0.48%).

Nationally, houses saw stronger growth than units over the month (+0.24% vs +0%), while units slightly outperformed when comparing annual growth (+3.88% vs +3.67%). The outperformance of units is particularly evident in regional areas, recording annual growth of 5.34% versus 4.49% for houses.

Australia’s median home price hit a new record high in April, rising 0.20% to reach $805,000 according to the latest PropTrack Home Price Index.

However, the rate of growth was slower than that seen over the first three months of the year.

But with further interest rate cuts expected this year, there is a strong chance we could see price growth pick up again.

Ms Eleanor Creagh, Senior Economist at PropTrack commented:

“ The rate of price growth is moderating in outperforming cities such as Perth, Adelaide and Brisbane, while underperformers such as Melbourne, Canberra, and Sydney have started to pick up. This is lessening the divergence in home price growth seen across the country over the past year.

With housing affordability a key issue at the upcoming federal election, both Labor and the Coalition have announced policy incentives for first home buyers. As a result, many of these buyers may be biding their time to get into the market after the election and the launch of these policies.

Whichever party is elected, the combination of increased first home buyer incentives, lower interest rates, and supply side challenges are expected to contribute to even higher property prices in 2025.”

Source: PropTrack Home Price Index. 1 May 2025

Ms Eleanor Creagh, further explained:

February’s rate cut, as well as expectations that further cuts are on the cards, are supporting buyer sentiment. And while consumer confidence took a hit in April following the announcement of Trump’s tariffs, it remains well above last year’s levels.

What’s more, the Westpac-Melbourne Institute ‘Time to buy a dwelling’ index is sitting 13.8% higher compared to a year ago, despite falling over the month.

House prices up in April, but units steady

The national median house price rose 0.2% to $883,000 over April, while units held steady at $659,000.

Comparing year-on-year, however, units have been the slight outperformers, up 3.9% compared to 3.7% for houses.

The outperformance of units has been particularly pronounced in the regions, where values are up 5.3% versus houses at 4.5%.

Ms Creagh said:

While houses have historically seen stronger capital growth compared to units, the high cost of developing units in the current market, combined with the lower price point at which they sell has led to fewer of these properties being developed.

But with affordability constraints pricing many buyers out of purchasing a house, a growing share are looking to purchase units.

This relative increase in demand at the more affordable end is expected to continue contributing to the performance of unit prices in the coming years.

Market overview

Ms Creagh explained that following strong rise in the aftermath of February’s rate cut, price growth across Greater Sydney has moderated in April.s

Across the month, the median home price increased by 0.1% to reach a new peak of $1,118,000.

In comparison to many of the other capitals, price growth has been relatively modest in Sydney over the past 12 months, with prices sitting just 2.5% higher vs the capital city average of 3.35%.

On the other hand Proptrack reported that Melbourne has been the weakest performing capital city for home price growth over the past five years, but there are signs this is starting to change.

Home prices dipped by 2.1% over 2024, but have consistently recorded rises over the first four months of 2025.

Proptrack expects Melbourne Prices to recover further this year, off the back of lower interest rates and increased first home buyer incentives.

They report that investor activity is also on the rise in Melbourne, with the city’s relative affordability compared to the other capitals seen as presenting an opportunity.

Proptrack report that in Brisbane home prices hit a new record in April, rising 0.2% to reach $882,000. \

Brisbane was the third strongest performer for price growth year-on-year, behind Adelaide and Perth, with prices up 8.7%.

Brisbane has now held the title of Australia’s second most expensive capital city, behind Sydney, for 11 consecutive months. Less than 12 months ago, the median price of a home in Brisbane was less than Melbourne.

Now, it is $101,000 higher.

About Brett Warren Brett Warren is National Director of Metropole Properties and uses his two decades of property investment experience to advise clients how to grow, protect and pass on their wealth through strategic property advice.