National property prices have hit a new record, rising .34 per cent in March to sit at a median $768,000.

According to the PropTrack Home Price Index, property prices have risen 1.57 per cent in 2024, and are 6.79 per cent above March 2023 levels.

Prices across the combined capital cities rose 0.40 per cent to a new peak of $832,000 in March, with capital city prices now 7.64 per cent above levels from the same time last year.

PropTrack Senior Economist Eleanor Creagh said the upswing in prices came despite an increase in the number of listings, with demand absorbing that surge.

“As was widely expected, the Reserve Bank kept the cash rate on hold at 4.35 per cent in March and many expect the next move for interest rates will be down, though timing remains uncertain,” she said.

“The expectation that interest rates may begin to move lower in late 2024 will sustain buyer and seller confidence.”

Perth led the way for price growth in March, climbing .99 per cent to sit at $660,000, which is a record for the Western Australian capital city, and 18.62 per cent up on the same time last year.

In the first three months of 2024, year-on-year home price gains in Perth have been the strongest on record, dating back to 2010.

Adelaide and Brisbane homes also hit record highs, with price increases of .31 per cent and .41 per cent, respectively. 

The only capital city to record a drop in prices in March was Hobart, which had a nominal decline of .03 per cent to $662,000.

“Housing demand is also being buoyed by population growth, tight rental markets, resilient labour market conditions and home equity gains,” Ms Creagh said.

“Meanwhile the sharp rise in construction costs and labour and materials shortages has slowed the delivery of new builds, hampering the supply of new housing.

“The imbalance between supply and demand is likely to further offset the impact of affordability constraints and a slowing economy.

“As a result, prices are expected to remain on the rise in the months ahead.”

Capital city prices also outpaced regional areas so far this year.

Even so, regional areas lifted .19 per cent in March to a new peak of $630,000, with regional South Australia recording the most growth (.64 per cent) to hit a median value of $439,000.