According to REA Group’s PropTrack Home Price Index for April, Australia’s median home value dipped after months of gains. Sydney recorded a 0.5% decline, taking its median house price to about $1.62m.
Melbourne’s median house price fell 0.3% to roughly $1.05m, reinforcing the weakness in the country’s two largest markets. Other capitals moved in the opposite direction, posting price increases even as momentum slows.
Brisbane, Perth and Adelaide all notched fresh record highs for home values in April, showing how sharply conditions can diverge across the country. Price growth in those cities is still positive, but the monthly gains are now smaller than earlier in the year.
The spread between falling values in Sydney and Melbourne and rising prices elsewhere shows how interest rates, affordability constraints and local supply pressures are biting unevenly. Market watchers describe the current phase as a clear transition away from the broad-based strength seen in late 2023.
