Canberra’s housing market recorded another rise in April, with home prices increasing by 0.2% — the fourth consecutive monthly gain, according to the latest PropTrack Home Price Index.

While prices remain 4.5% below the 2022 peak, both houses and units recorded monthly growth of 0.2%, signalling a steady recovery. Annual price growth in the capital now sits at 0.8%, among the weakest of the capitals — ahead of only Melbourne, which declined 1.2% over the year.

According to PropTrack, the national market is still on the rise, but growth has moderated compared to earlier in the year. Should interest rates fall in May, stronger price gains could follow, as lower mortgage repayments and increased borrowing capacity boost buyer activity.

“Outperformers like Perth, Adelaide and Brisbane are starting to cool, while underperformers such as Sydney, Melbourne and Canberra are picking up, narrowing the gap in price growth across the country,” the report notes.

Australia’s median home price hit a record high of $805,000 in April, rising 0.2% nationally, with regional areas leading the way at 0.3%. Capital cities also rose to a new peak, up 0.16% collectively.

In the lead-up to the federal election, both major parties have pledged new support for first home buyers — a move expected to bring more buyers into the market in the second half of the year. Combined with potential interest rate cuts and ongoing supply constraints, PropTrack expects these factors to contribute to further price rises through 2025.