Australian property values reached new record highs in March, reversing a recent downward trend, according to market analysts at CoreLogic.
The company's national Home Value Index showed an overall increase of 0.4 per cent for the month.
It makes March the second consecutive month of property value growth, after a three-month decline which saw values drop 0.5 per cent.
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Increases were seen around the country, with every capital city except Hobart recording a value rise.
Darwin had the biggest jump at 1 per cent, while Hobart's property prices fell 0.4 per cent.
"Improved sentiment following the February rate cut is likely the biggest driver of the turnaround in values, along with the cut's direct influence of a slight improvement in borrowing capacity and mortgage serviceability," CoreLogic research director Tim Lawless said.
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"With the rate-cutting cycle expected to be drawn out, it will be interesting to see if this positive inflection in values can last in the face of affordability constraints."
Sydney and Melbourne property prices are still below their peaks.
Sydney values fell 2.2 per cent between September 2024 and January 2025, and are still 1.4 per cent below their record high.
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Melbourne prices are also 5.6 per cent below their peak, despite a 0.9 increase in the past two months.
Gains have also slowed in the smaller capitals, including in market leader Perth, where values are 0.05 per cent below their peak in October 2024.
Overall, prices have massively risen in recent years in the Western Australian capital, up 75.4 per cent since March 2020.
Rental values are at record highs, with the national index up 0.6 per cent in March.
In this market, Hobart led the charge, with rents up 1.2 per cent last month, compared to the lowest increase of 0.3 per cent in Melbourne.
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