Australia’s real estate market continues its upward momentum, as evidenced by recent data from CoreLogic indicating a 0.6 percent increase in property prices during April.

This marks the 15th consecutive month of growth, with the national median dwelling value now standing at $779,819.

Tim Lawless, CoreLogic’s head of research, attributes this sustained growth to several factors including higher interest rates, deteriorating housing affordability, and mounting cost of living pressures.

Lawless highlights a significant “mismatch” between housing demand and limited supply as further contributing to this trend, cautioning that higher property prices are unlikely to alleviate in the near future.

Moreover, he emphasizes the need for a comprehensive approach to address the challenges posed by this imbalance.

Here’s an overview of property price trends across the country:

Sydney: Increase of 0.4 percent

Melbourne: Decrease of 0.1 percent

Brisbane: Increase of 0.9 percent

Adelaide: Increase of 1.3 percent

Perth: Increase of 2.0 percent

Hobart: Increase of 0.3 percent

Canberra: Increase of 0.2 percent

Darwin: Increase of 0.6 percent