Property prices have chalked up a fifth consecutive month of growth.

The latest increases bring yearly median house price growth to 4.2% and unit price growth to 3.6%.PropTrack data show that in May, medians rose marginally in every capital city house market and most unit markets. Hobart and ACT unit markets were the exception with small declines.PropTrack senior economist, Eleanor Creagh, says the latest growth has resulted in a new record high for  Australian home values.

Perth’s median house price ($787,000) is now higher than Melbourne’s ($782,000) for the first time in a decade. Despite this, Creagh says the Perth market is showing signs of moderation. As has been the case for some time now, it is the smaller capital cities and regional markets that are achieving the most solid price growth.

Regional South Australia was the strongest performing house market in the past 12 months, with medians up 12%, followed by Adelaide (up 11.1%) and Regional Western Australia (up 9%).

In the unit market, Perth had the highest growth of 12.3%, followed by Brisbane, 11.4% and Adelaide, 10.3%. Creagh says the figures show improving sentiment and buyer confidence. She says supply constraints continue to play a significant role in driving price growth.