Australian home prices rose by 0.4% in June, with Adelaide leading the increases seen across all markets.
Housing prices nationwide are now 4.6% higher than in June 2024, according to PropTrack and REA Group’s Home Price Index report. Adelaide’s monthly increase was the largest in any market at 0.6%, with prices up 0.4% in the capital cities.
“National home prices rose 0.4% in June, pushing values to a record high. As interest rates have fallen, price momentum has strengthened and extended across the country, with all markets recording gains in June,” according to the report.
“Capital city markets are leading the upturn, with price growth in all cities in June, following outperformance by Adelaide, Brisbane and Perth in 2024.”
Sydney and Hobart both saw 0.5% monthly price increases, with Sydney posting the highest median housing value nationwide at A$1.18 million. Darwin’s prices rose the least in June, by 0.2%.
Among regional areas, regional Queensland reported the highest growth at 0.5%, while housing prices in regional Victoria, Tasmania, and the Northern Territory all increased by 0.1%. Regional housing prices were up 0.3% in June.
Capital city housing prices have grown by 4.1% over the past twelve months, with regional housing prices up by 6.0%. Regional South Australia has reported the largest price increase since June 2024, at 12.9%.
In the past five years, housing prices have risen by 45.7% in capital cities and 65.7% in regional markets. Both capital city and regional housing prices reached new records in June.
Further interest rate cuts this year will likely cause further price growth as borrowing costs fall, according to PropTrack and REA Group, as well as population increases and limited new housing supply.
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