CoreLogic: House values rise over April but cool off from March’s record highs

Property data reveals house prices over April have risen but are cooling off from highs set last month. Here’s where they grew the most.

House prices across the nation rose over April but eased back from the 32-year high recorded last month.

CoreLogic data reveals home values rose nationally by 1.8 per cent on a month-to-month basis, slowing down from the record-breaking 2.8 per cent hike in March.

Despite a slowdown in growth, housing values were still rising at a rapid pace, CoreLogic research director Tim Lawless said.

“The slowdown in housing value appreciation is unsurprising given the rapid rate of growth

seen over the past six months, especially in the context of subdued wages growth,” he said.

House prices are still rising. Picture: Supplied

“With housing prices rising faster than incomes, it’s likely price sensitive sectors of the market, such as first-home buyers and lower income households, are finding it harder to save for a deposit and transactional costs.”

All capital cities recorded price rises, with the smaller capital cities recording double-digit annual gains.

Adelaide rose 10.3 per cent over April, Darwin climbed 15.5 per cent and Hobart jumped 13.8 per cent.

Melbourne recorded the lowest level of house price growth at 2.2 per cent, while Sydney prices inched 2.4 per cent higher on a yearly basis.

Prices in smaller capital cities grew more. Picture: Supplied

Mr Lawless said smaller rise in Sydney and Melbourne followed the trend of more people choosing to move away from metro areas.

“A preference shift away from higher density housing during a global pandemic is understandable; however, a rise in flexible working arrangements also seems to be supporting greater demand for houses around the outer fringes of capital cities,” he said.

“Relatively weak investor activity, compounded by a supply overhang in some high-rise precincts, is also dampening price growth in unit markets.”

Originally published as CoreLogic: House values rise over April but cool off from March’s record highs