Price movements
Australian property prices have continued their upward trajectory in April, with both houses and units posting solid gains amid a backdrop of significant political and economic shifts. House prices nationally rose by 0.4 per cent to reach a median of $917,433, representing an annual growth of 5.2 per cent. The unit market showed even stronger monthly momentum with prices increasing by 0.5 per cent to $685,637, delivering a yearly growth rate of 4.6 per cent.
This sustained price growth has occurred in Australia’s election year, with Labor’s win expected to expand housing policies. Markets are also anticipating an almost certain interest rate cut at the May RBA meeting. These factors, combined with persistent housing supply challenges, are creating conditions for continued price growth despite some seasonal reductions in listing volumes.
The capital city housing market continues to display varied performance across Australia’s major cities, with Perth maintaining its position as the standout performer. With a mean price of $912,790, Perth recorded a robust 0.9 per cent monthly gain and an impressive 12.2 per cent year-on-year increase, reflecting the ongoing economic strength in Western Australia’s mining sector and its relative affordability compared to eastern states capitals.
Adelaide remains a strong performer, with its mean house price of $903,860 representing a 0.4 per cent monthly increase and solid 7.8 per cent annual growth. This strong performance continues to reflect Adelaide’s connection to the mining sector and relative affordability. Brisbane has firmly established itself as a million-dollar city, with its average of $1,024,625 reflecting a 0.4 per cent monthly gain and 7.3 per cent annual growth, driven by consistent population growth and housing demand.
The Gold Coast maintains premium values at $1,224,427, rising 0.2 per cent for the month and 4.8 per cent annually, while Sydney continues as Australia’s most expensive market at $1,612,333 with a more substantial 0.6 per cent monthly increase but more modest annual growth of 3.6 per cent. Melbourne shows the least momentum among major capitals, recording just 0.9 per cent annual growth despite a 0.2 per cent monthly improvement. The two-speed market that characterised 2024 persists but is showing signs of convergence as even the slower southern capitals begin to demonstrate more consistent growth.
Nerida Conisbee – Chief Economist
Average West End Sale Prices May 2025
1 bed apartment $551,000 (Low $530,000 High $625,000)
2 bed apartment $827,500 (Low $680,000 High $1,200,000)
3 bed apartment $1,615,000 (Low $1,000,000 High $1,780,000)
House $1,747,000
REA 2/6/2025