Australia’s property market continues to defy expectations, notching up a new national record in April—even as buyers and sellers navigate a backdrop of political uncertainty and global economic shifts.

According to leading property data group Cotality (formerly known as CoreLogic), home values rose again last month, pushing the national median dwelling value to a fresh high of $825,349.

This marks the third month in a row of price growth, adding an average of $2,720 to the value of a home across the country. Every capital city saw gains, from a modest 0.2% rise in Sydney and Melbourne to a stronger 1.1% jump in Darwin.

However, growth is slowing slightly, with April’s 0.3% gain coming in just under March’s 0.4% rise. Auction clearance rates also dipped, and fewer new listings came to market as both buyers and sellers paused over the Easter and Anzac Day period.

“The February rate cut certainly helped spark renewed interest,” said Tim Lawless, Research Director at Cotality. “But that momentum has started to taper off as confidence wanes due to international tariffs and the lead-up to the May 3rd federal election.”

What’s Happening Behind the Numbers?

• Auction volumes dipped to just 644 in the week ending April 20—the lowest Easter number since 2019

• New property listings also fell, with only 19,650 new homes hitting the market in April—another low not seen since 2019

Meanwhile, not every market is back to its peak:

• Sydney remains 1.1% below its September 2024 high

• Melbourne is still 5.4% down from its 2022 peak

• Hobart has the most ground to recover, down 11.1%

• Darwin and the ACT are also trailing their all-time highs by 2.7% and 6.4% respectively

Nationally, annual growth has eased to 3.2%—the slowest pace since August 2023.

Regional Markets Continue to Shine

If you’re in the regions, there’s more good news. Regional property markets outperformed capital cities again, with values rising 0.6% in April—triple the rate of growth in the capitals (0.2%).

Over the last 12 months:

• Regional areas have seen a 5.3% price rise

• Capital cities grew by only 2.6%

Median home values now sit at:

• $673,373 in regional areas

• $905,763 in capital cities

Regional SA and WA were the standout performers last month, with gains of 1.5% and 1.3% respectively.

What’s Next for 2025?

With the federal election now behind us and possible interest rate cuts tipped for May 20th, experts expect this current wave of growth to continue—albeit more modestly.

“We anticipate further value increases throughout the second half of 2025 as certainty returns to the market and borrowing becomes more affordable,” Lawless added.