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Australian home values moved through a 15th straight month of growth in April with CoreLogic’s national home value index rising by 0.1%, on par with the pace of gains recorded in February and March.
The Perth housing market seemed to be running its own race with a quarterly rate of growth and home values rising to 6%, the largest increase since the first quarter of 2021 when interest rates were at generational lows.
Despite such strong growth conditions, Perth’s median value remains at the low end among the capital cities.
Perth house prices graph
That’s a legacy of the long period of weak housing conditions prior to 2019.
With values rising this rapidly, it won’t be long before Perth records a higher median dwelling value than Adelaide.
Perth rental growth is also the highest in the nation with rents up 13.6% in the past twelve months.
Regional markets have shown slightly stronger quarterly growth over the past five months than their capital city counterparts following a ten-month period where the combined capitals index was outperforming.
Looking at value movements over the past 3 months, the strongest regional markets were aligned with the strongest capital cities.
Home sales look to have moved through a cyclical peak in November last year.
Nationally, rents were up 0.8% in April, a slight slowdown in the rate of growth relative to February and March when the national rental index rose by 0.8% and 1% respectively.
You may also want to read:
National Housing Market Update [Video]
Adelaide Housing Market Update [Video]
Sydney Housing Market Update [Video]
Brisbane Housing Market Update [Video]
Melbourne Housing Market Update [Video]
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