Just under half of all Australian suburbs achieved record-high median house prices by the end of April 2024.

CoreLogic data shows 43.6% of suburbs hit record highs despite two years of interest rate rises.

The analysis shows that on average house prices increased by 2.8% since April 2022, when interest rates started to rise.

CoreLogic research director, Tim Lawless, says the level of increase has been affected by the “short, sharp downturn” experienced when rates first started to increase.

Perth had the most significant increase in average house values of 25.7% in the past two years, while Hobart had the biggest decrease of 11.2%.

Lawless says Western Australia had nine of the top ten performing suburbs for growth, while in Hobart 98% of suburbs had a drop in dwelling value in the past two years.

“Buyers, including investors, have turned to Perth and Adelaide for their relative affordability, strong rental conditions and higher gross rental yields,” he says.

“The demand has outweighed supply, which has contributed to pushing values significantly higher over the past year.”