“This is the first time in four years that all capital cities have seen house price growth at the same time. For units, it’s the first time in two years.”

Sydney and Melbourne lead the charge

Prices in other capitals also increased.

Brisbane, Adelaide and Perth hit new record highs, with median house prices in Perth (currently $955,000) expected to reach the $1 million mark later this year.

Unit prices surge as buyers seek affordability

According to the Domain report, national unit prices saw the strongest quarterly growth in two years, rising to a new high of $689,588. Units in Sydney, Brisbane, Adelaide and Perth all reached record prices.

Brisbane is experiencing its longest stretch of unit price growth in history, while Adelaide has posted nine straight quarters of price gains.

What’s driving the comeback?

The combination of rising demand and limited supply has intensified competition, particularly in east coast capitals where population growth remains strong.

What’s next?

“But regulators are watching investor activity closely; they may step in if things accelerate too quickly.”