CoreLogic’s National Home Value Index revealed the median value of homes sold across the country increased by 0.5% in April, following a 0.6% increase in March.
Every capital city except Darwin recorded an increase or steadiness in home values, leading to a second consecutive lift in national prices.
The growth is largely buoyed by Sydney’s house prices lifting 1.3%, with the median property value sitting comfortably above $1 million.
Most other major capitals recorded smaller rises, with Brisbane increasing by 0.3% and Melbourne a modest 0.1%.
Meanwhile, Perth values lifted 0.6%; Adelaide, 0.2%; whereas Canberra and Hobart remained steady.
Darwin bucked the national trend with housing values decreasing -1.2% for the month.
| Month | Annual | Median value | |
| Sydney | 1.3% | -10.7% | $1,031,138 |
| Melbourne | 0.1% | -8.9% | $751,125 |
| Brisbane | 0.3% | -9.8% | $705,016 |
| Adelaide | 0.2% | 1.3% | $650,981 |
| Perth | 0.6% | 1.3% | $572,837 |
| Hobart | 0% | -12.7% | $648,811 |
| Darwin | -1.2% | -0.5% | $484,483 |
| Canberra | 0% | -9.3% | $839,732 |
| Combined capitals | 0.7% | -8.4% | $771,579 |
| Combined regional | 0.1% | -6.8% | $579,818 |
| National | 0.5% | -8% | $709,130 |
Source: CoreLogic National Home Value Index April
CoreLogic Research Director Tim Lawless said the figures suggest the housing market has moved through an inflection point.
“Not only are we seeing housing values stabilising or rising across most areas of the country, a number of other indicators are confirming the positive shift," Mr Lawless said.
“A significant lift in net overseas migration has run headlong into a lack of housing supply.
"While overseas migration would normally have a more direct correlation with rental demand, with vacancy rates holding around one per cent in most cities, it's reasonable to assume more people are fast tracking a purchasing decision simply because they can't find rental accommodation."
Mr Lawless said the housing market would likely be further bolstered by speculation that the RBA’s rate hiking cycle has begun closing its doors.
“This could be contributing to a broader perception that the market has bottomed out, and for those attempting to time the market, that it is considered to be a good time to buy,” he said.
“As interest rates stabilise there is a good chance consumer sentiment will improve, bolstering housing market activity from both a purchasing and a selling perspective.”
AMP Chief Economist Shane Oliver said the combination of underlying demand driven by immigration and tight supply has driven a change to this year’s home price forecast.
“As such, our forecast for a top to bottom fall of 15-20% out to late this year is looking too pessimistic and we have revised our national average home price forecast for this year from a fall of 7% to flat to up slightly & expect roughly 5% growth next year,” Mr Oliver said.
“However, the headwinds of higher interest rates and poor affordability will likely constrain the upswing at the very least but also mean there remains a still very high risk of another down leg as rate hikes fully impact and unemployment starts to rise.
“The conflicting forces of higher rates and a slowing economy, but a chronic demand/supply imbalance make the property market very hard to read with greater than normal uncertainty.”
Last week, Westpac revised its 2023 housing outlook from a continued correction to a stabilisation.
According to the big-four bank, national dwelling values are expected to hold flat in 2023, with prices expected to lift 5% in 2024 partly due to lack of listing activity.
"Turnover remains fairly mixed, up about 2% on the quarter nationally on a rolling three-month basis but down in the month and with Sydney and Melbourne still seeing consistent declines," Westpac senior economist Matthew Hassan said.
"Turnover is coming off a 30% drop over the last year and a half."
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