- Australia's property prices are seeing a small uptick
- The rise in prices is not uniform across the nation
- Regional Australia saw some of the stand out performers
The latest data from PropTrack and CoreLogic have shown the Australian property market may have started to bounce back as prices begin to creep up.
For the month of March, PropTrack recorded a 0.13% rise in prices across the nation in its Home Price Index, with CoreLogic recording a 0.6% increase in its Home Value Index.
This came mere days before the Reserve Bank of Australia (RBA) left interest rates at 3.60%.
PropTrack’s latest Home Price Index has also found the best regions for growth across Australia at the statistical area 4 level (SA4):
Top 5 regions for growth in New South Wales
| Region | Annual growth (%) – All dwellings | Median value ($) – All dwellings |
| New England and North West | 9.19 | 409,000 |
| Far West and Orana | 7.76 | 446,000 |
| Riverina | 7.23 | 465,000 |
| Murray | 5.17 | 460,000 |
| Central West | 2.44 | 577,000 |
Source: PropTrack April 2023 Home Price Index.
Pockets of regional New South Wales have pulled ahead, showing growth despite the wider downturn.
In Hotspotting’s recent Autumn 2023 report, key regions were one of the areas to see growth, along with the smaller capital cities of Perth, Darwin, and Adelaide.
The report also noted that out of its Top 100 Supercharged Suburbs, one-third comprised regional areas.
Sydney’s luxury market is also on the up despite the wider prime property plunge, according to Hotspotting.
Top 5 regions for growth in Victoria
| Region | Annual growth (%) – All dwellings | Median value ($) – All dwellings |
| Shepparton | 4.41 | 469,000 |
| North West | 1.11 | 371,000 |
| Warrnambool and South West | 0.45 | 536,000 |
| Hume | -0.27 | 558,000 |
| Latrobe – Gippsland | -2.83 | 560,000 |
Source: PropTrack April 2023 Home Price Index.
Victoria’s market continues to see generally subdued activity, with the luxury market also one of the worst performing.
According to Hotspotting’s Director, Terry Ryder: “The most expensive areas of Melbourne are at a low ebb also, although perhaps not the weakest sector of an overall weak city.”
Top 5 regions for growth in Queensland
| Region | Annual growth (%) – All dwellings | Median value ($) – All dwellings |
| Toowoomba | 7.98 | 528,000 |
| Darling Downs – Maranoa | 7.05 | 363,000 |
| Queensland – Outback | 4.73 | 307,000 |
| Ipswich | 4.62 | 545,000 |
| Cairns | 4 | 478,000 |
Source: PropTrack April 2023 Home Price Index.
Regional centres like Toowoomba and Cairns stole the limelight, with Hotspotting’s report likewise recording many regional Queensland locations in its Top 100 Supercharged Suburbs.
Ryder said: “The strength in the Perth and Regional Queensland markets means that 40 of the Top 100 are in WA and Queensland.”
Top 5 regions for growth in South Australia
| Region | Annual growth (%) – All dwellings | Median value ($) – All dwellings |
| Barossa – Yorke – Mid North | 11.65 | 370,000 |
| South Australia – Outback | 10.73 | 286,000 |
| South Australia – South East | 10.54 | 425,000 |
| Adelaide – North | 10.02 | 547,000 |
| Adelaide – South | 6.75 | 676,000 |
Source: PropTrack April 2023 Home Price Index.
Adelaide remains one of the few bastions of affordability in Australia, with a recent Canstar report finding that, based on the median home price and an average income, Adelaidians need only a $50,000 pay rise to avoid mortgage stress, compared to Sydney at almost $150,000.
Top 5 regions for growth in Western Australia
| Region | Annual growth (%) – All dwellings | Median value ($) – All dwellings |
| Western Australia – Wheat Belt | 7.18 | 449,000 |
| Mandurah | 5.96 | 457,000 |
| Perth – South West | 5.86 | 576,000 |
| Bunbury | 5.32 | 497,000 |
| Perth – North East | 5.21 | 533,000 |
Source: PropTrack April 2023 Home Price Index.
The Urban Development Institute of Australia’s (UDIA) recently launched State of the Land Report and found Perth to be the most affordable capital city in Australia.
The median new land price was $228,000, growing only 6% in 2022. On the eastern seaboard, Melburnian median prices for new land were $382,125, with Sydney-siders paying $716,381.
Top 5 regions for growth in Tasmania
| Region | Annual growth (%) – All dwellings | Median value ($) – All dwellings |
| West and North West | 2.87 | 446,000 |
| South East | 1.42 | 596,000 |
| Launceston and North East | -3.09 | 518,000 |
| Hobart | -5.16 | 680,000 |
Source: PropTrack April 2023 Home Price Index.
Top 10 municipalities in Australia
- Ballarat, Victoria
- Canning, Western Australia
- Gladstone, Queensland
- Kalgoorlie, Western Australia
- Mackay, Queensland
- Palmerston, Northern Territory
- Salisbury, South Australia
- Stirling, Western Australia
- Townsville, Queensland
- Wollongong, New South Wales
