Regions where home prices have rebounded most from their lows

Megan Lieu
Megan Lieu

Home prices fell over 2022 following persistent interest rate rises and falling buyer demand. But in recent months there have been signs of recovery, with certain regions leading the rebound in prices.

According to Proptrack's April Home Price Index, home prices have increased for the fourth consecutive month.

Sydney, Adelaide and Perth led the growth in capital cities, with prices increasing by 0.40%, 0.41% and 0.21%, respectively, between March and April.

The top regional performers were WA and SA, where home prices grew 0.34% and 0.16%, respectively, over the same period.



While the cash rate is at its highest since April 2012 and borrowing capacities have reduced significantly since April 2022, demand from buyers remains high.

In fact, the number of potential buyers per listing is still 1.8 times higher than pre-pandemic.

But why is this the case?

The return of migration, coupled with an undersupply of new homes and limited properties for sale, have driven up competition.

An undersupply of new homes in Australia is contributing to strong competition from buyers. Picture: Getty

With few options and multiple people vying for available properties, home prices are rising again.

Higher demand is more evident in suburbs that are relatively affordable, with many buyers seeking out cheaper suburbs as their borrowing capacities decrease.

To gain a better understanding of the regions that are seeing the strongest recovery in demand, we looked at the SA4's where home prices have rebounded the most from their lows.

Regions that have experienced the strongest price growth since their last low


GCCSA % change since recent low Month of recent low Median AVM
Darling Downs - Maranoa Rest of Qld 7.69% June 2022  $364,000
Toowoomba Rest of Qld 5.44% July 2022  $526,000
Northern Territory - Outback Rest of NT 5.41% March 2022  $458,000
Perth - South West Perth 4.54% June 2022  $587,000
Sydney - City and Inner South Sydney 4.50% September 2022  $1,008,000
Perth - North East Perth 4.10% July 2022  $538,000
Mackay - Isaac - Whitsunday Rest of Qld 3.72% June 2022  $428,000
Adelaide - South Adelaide 3.68% September 2022  $681,000
Adelaide - North Adelaide 3.64% September 2022  $560,000
Perth - North West Perth 3.45% June 2022  $612,000


Darling Downs - Maranoa and Toowoomba in Regional Queensland topped the list, with their home prices growing by 7.7% and 5.4% since their respective lows in June and July 2022.

More buyers were active in South West and North East Perth as well, pushing prices up 4.5% and 4.1%, respectively, since June and July 2022.

South West Perth is among the regions leading the recovery in home prices. Picture: Getty

Home prices in North and South Adelaide also rebounded, up 3.6-3.7% from their most recent lows in September 2022, signifying strong demand for properties in Adelaide.

Home values in the majority of regions leading the recovery are in capital city areas and below the national median of $737,000. This shows that demand is shifting back to cities and towards more affordable areas.

Over the next few months, we expect home prices to recover across most of the country and particularly in capital cities.

Once interest rates stabilise, this is likely to reduce uncertainty for buyers, while tight supply, international migration and a shortage of new homes will drive up competition and prices.

Related Stories

Request a demo

A PropTrack advisor will call you back to organise an demonstration

Lorem ipsum dolor sit amet, consectetuer adipiscing elit. Phasellus hendrerit. Pellentesque aliquet nibh nec urna. In nisi neque, aliquet vel, dapibus id, mattis vel, nisi. Sed pretium, Nullam mollis. Ut justo. Suspendisse potenti. Privacy Policy