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The REA Group-owned property data company found national home prices fell 0.1 per cent in April, although values remain 8.5 per cent higher than a year ago.
PropTrack now places Australia’s median home price at $910,000.
Across the capital cities, prices declined 0.2 per cent over the month but were still 7.7 per cent higher annually, with the median home value sitting at $1,017,000.
Sydney and Melbourne were the only capital cities to record monthly declines, falling 0.5 per cent and 0.3 per cent, respectively, while Hobart posted the largest monthly increase at 0.3 per cent.
Brisbane, Adelaide and Perth each recorded gains of 0.2 per cent.
PropTrack said the monthly falls were driven by detached housing, with capital city house prices down 0.2 per cent while unit prices remained flat, reflecting stronger buyer demand for lower-priced stock amid constrained borrowing capacity.
Broker Daily reported that price growth has become increasingly concentrated at the lower end of the market as a result of investor activity, growing serviceability constraints and the demand-side effects of the 5 per cent Deposit Scheme.
Perth remained the fastest-growing capital city over the year, with values up 21.5 per cent, followed by Brisbane at 17.5 per cent, Darwin at 16.9 per cent and Adelaide at 13.9 per cent.
Regional markets continued to outperform, with prices rising 0.2 per cent in April and 10.7 per cent over the year.
“National home prices edged lower in April, suggesting a turning point in the housing cycle,” Eleanor Creagh, senior economist at REA Group, said.
“Momentum has clearly slowed, marking a transition from broad-based growth to a more uneven, multi speed phase. Rate-sensitive inner-city markets are leading the shift, particularly in Sydney and Melbourne, where price declines have emerged after back-to-back interest rate rises.
“Overall, the housing market is rebalancing as demand softens and growth momentum eases. Auction clearance rates have softened pointing to a growing mismatch between buyer and seller expectations. At the same time, higher interest rates are reducing borrowing capacity, while uncertainty is weighing on confidence.
“While price growth is expected to slow, a large correction remains unlikely. Strong equity buffers, a resilient labour market and limited forced selling are helping to stabilise conditions and cushion price falls. Population growth and ongoing supply constraints exacerbated by higher construction costs and elevated interest rates continue to place a floor under prices.
“The adjustment is expected to be gradual, but slower growth and further price declines are likely.”
Cotality data paints a similar picture
Cotality’s April Home Value Index pointed to a similar moderation in conditions, with national dwelling values rising 0.3 per cent over the month – the slowest pace of growth recorded since January 2025.
As with PropTrack’s figures, the softer national result was weighed down by Sydney and Melbourne, where dwelling values each fell 0.6 per cent in April.
Sydney home values are now 1 per cent below their November peak, while Melbourne values are 1.9 per cent below their November 2025 cyclical high and 2.3 per cent below their March 2022 peak.
Although every capital city recorded a slower pace of growth in April, Perth remained among the strongest performing markets, with values rising 2.1 per cent over the month.
Brisbane, Adelaide and Darwin also continued to post monthly gains of more than 1 per cent, albeit at a slower pace than earlier in the year.
Cotality said softer housing conditions were also reflected in reduced buyer demand, with estimated capital city home sales over the three months to April sitting 5.4 per cent lower than a year ago and 7.4 per cent below the previous five-year average.
The analytics group also found price growth is becoming increasingly concentrated in lower-priced housing segments, with stronger performance recorded in the lower quartile of every capital city as buyers gravitate towards more affordable stock.
Regional markets again showed greater resilience, with the combined regional index rising 4.2 per cent over the first four months of the year compared with 1.8 per cent across the combined capitals, although momentum also eased in April.
[Related: WA tops house-building rankings, but supply pressures persist]
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