Australian home prices set new record as confidence and listings fall
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The news: Australian home prices reached a new record high in April, rising 0.3% nationally to a median of $825,349, according to Cotality, previously known as Corelogic.
The context: The gains occurred despite uncertainty from US tariff escalations and Australia’s May 3 federal election. Sales and listings volumes were affected more than prices, with Easter and ANZAC Day holidays contributing to reduced market activity. Auction clearance rates and household confidence also fell in April.
Cotality expects a further modest rise in values for 2025, with further rate cuts likely after the May 3 federal election.
The numbers: The monthly rise added approximately $2,720 to the median value of an Australian dwelling. Values rose across every capital city, led by Darwin (+1.1%) and Hobart (+0.9%), while Sydney and Melbourne each gained 0.2%.
The pace of growth eased from March’s 0.4%, as household confidence slipped and auction clearance rates slumped.
Sales and listings volumes fell to their lowest levels for this time of year since 2019, with just 644 auctions held across the combined capitals in the week ending April 20 and 19,650 new listings over the four weeks to April 27.
The national rental index rose 0.6% for the third straight month, although annual growth slowed to 3.6%, from 8.3% a year earlier.
The source: Cotality media release
