Australia's Channel 9 News reported on May 1 that the latest data from CoreLogic shows that the impact of extremely low housing supply far outweighs high inflation and interest rate hikes, and continues to drive house price growth. In April, house prices rose by 0.6%.
After an 8.7% increase in house prices over the past year, the current median price of a home in Australia is $779817 dollars.
But some capital cities in particular have contributed to the upward trend, with home prices rising by more than 20% in one of the past 12 months.
(Photo source: Australian Channel 9 News)
9. Hobart
Hobart was the only capital city to see house prices fall in the last 12 months, down 0.4 per cent, with the median home price falling to $648074.
But home prices have been rising lately, rising 0.3% in April.
8. Darwin
Although house prices in Darwin have risen by 1.9% over the past year, it remains the cheapest housing market, with a median home price of $496228 dollars.
7. Canberra
Over the past 12 months, house prices in Canberra have risen by 2.1 per cent to $847604.
(Photo source: Australian Channel 9 News)
6. Melbourne
House prices in Melbourne rose 2.8 per cent to $783621.
5. Regional Australia
Housing prices also rose in regional Australia, with Dubbo NSW particularly outperforming, rising 6.4 per cent to $622781.
4. Sydney
Sydney remains the city with the highest house prices, up 8.7% over the past 12 months, with the median home price exceeding $1.14 million.
(Photo source: Australian Channel 9 News)
3. Adelaide
House prices in Adelaide rose 14% to $747732.
2. Brisbane
House prices in Brisbane rose 16.1 per cent to $827822.
1. Perth
Over the past 12 months, house prices in Perth have risen by 21.1% to $721278.