Home prices up except for Canberra

Property prices in some of Australia's smaller capital cities rose more than prices in Sydney and Melbourne in April.

A For Sale sign outside a house

House prices across Australia's capital cities rose in April, but Canberra bucked the trend. (AAP)

Australian property prices rose in April, with Hobart and Adelaide outpacing increases in the bigger capital cities.

Home values in Australia's capital cities were up 0.8 per cent, easing from March's 1.4 per cent rise, the CoreLogic RP Data home value index out Friday showed.

Prices in Hobart and Adelaide were both up 1.6 per cent, followed by Sydney, where prices rose by one per cent.

Sydney still recorded the biggest jump year-on-year, with a massive 14.5 per cent surge.

Canberra was the only capital city where prices fell last month, dropping 1.5 per cent.

RP Data head of research Tim Lawless said some markets were starting to slow, despite the positive overall picture.

"While the headline growth figures remain strong it is clear that some markets are winding down," Mr Lawless said.

"The rate of growth in Perth and Darwin has slowed substantially in line with the wind down of major infrastructure projects associated with the resources sector.

"The housing market in Canberra has also softened post federal election."

Mr Lawless said Sydney and Melbourne markets had been buoyed by the Reserve Bank's February interest rate cut.

Australia's median capital city house price stands at $560,000 with Sydney homes selling for $732,000 and Melbourne dwellings going for $555,000.

MEDIAN HOME PRICES IN APRIL

* Sydney, up 1.0pct to $732,500

* Melbourne, up 0.8pct to $555,000

* Brisbane, up 0.6pct to $452,000

* Adelaide, up 1.6pct to $400,000

* Perth, up 0.6pct to $520,000

* Hobart, up 1.6pct to $320,000

* Darwin, up 0.3pct to $540,000

* Canberra, down 1.5pct to $530,000

Source: RP Data


Share

2 min read

Published

Updated

Source: AAP


Share this with family and friends


Get SBS News daily and direct to your Inbox

Sign up now for the latest news from Australia and around the world direct to your inbox.

By subscribing, you agree to SBS’s terms of service and privacy policy including receiving email updates from SBS.

Download our apps
SBS News
SBS Audio
SBS On Demand

Listen to our podcasts
An overview of the day's top stories from SBS News
Interviews and feature reports from SBS News
Your daily ten minute finance and business news wrap with SBS Finance Editor Ricardo Gonçalves.
A daily five minute news wrap for English learners and people with disability
Get the latest with our News podcasts on your favourite podcast apps.

Watch on SBS
SBS World News

SBS World News

Take a global view with Australia's most comprehensive world news service
Watch the latest news videos from Australia and across the world