Australia’s Housing Market Rebounds: Median Dwelling Value Hits Record High

Australia’s median dwelling value rose by 0.4% in March, reaching a new record high of $820,331, according to CoreLogic’s latest Home Value Index. The lift marks the second consecutive monthly increase after a brief dip in late 2024, spurred on by the Reserve Bank’s first rate cut in more than three years.

CoreLogic research director Tim Lawless attributes much of the uptick to improved sentiment and the February rate cut’s direct impact on both borrowing capacity and serviceability. While the RBA holds the cash rate steady in April, the housing market appears to be responding proactively to looser monetary conditions.

Key Findings

  • Sydney: Up 0.3% (median $1,190,616)

  • Melbourne: Up 0.5% (median $781,318)

  • Brisbane: Up 0.4% (median $899,824)

  • Adelaide: Up 0.8% (median $827,675)

  • Perth: Up 0.2% (median $806,205)

  • Hobart: Down 0.4% (median $657,059)

  • Darwin: Up 1.0% (median $519,287)

  • Canberra: Up 0.2% (median $854,398)

Nationally, CoreLogic’s combined capitals index rose by 0.4%, while regional markets were up by 0.5%.

Looking ahead, questions remain as to whether the positive momentum can continue, with affordability concerns potentially capping further gains. Despite this, economists from some of main Australian banks anticipate another rate cut as soon as May, depending on upcoming inflation data.

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Cristiane RubinComment