National home values rose 0.3% in April with regional areas, as well as most of the capital cities, all delivering some level of increase, according to CoreLogic’s Hedonic Home Value Index published early in May. Capital city house prices are now 9.7% higher than they were in April 2019 despite the recent impact of the coronavirus. Regional areas have also performed well, with prices up 3.2% in the last 12 months.
“I’m feeling much more confident about market conditions than I was mid-March but we’re not out of the woods yet,” realestate.com.au chief economist Nerida Conisbee says.
During April, Darwin took the lead with a 1.7% increase to deliver a median dwelling value of $402,000. Sydney and Adelaide followed with 0.4% growth to register median dwelling values of $890,000 and $439,000 respectively. Brisbane grew 0.3% in April to achieve a median value of $508,000, while Perth was up 0.2% to $448,000. Tasmania remains the best regional performer, recording a 1.3% uplift in April and securing a 9% growth rate over the last year.