According to PropTrack, regional areas led the gains with combined growth of 0.30 per cent over the month, while capital city home values increased by 0.16 per cent to also reach a new peak.
Compared to 12 months ago, capital city prices are sitting 3.35 per cent higher, with regional areas showing even stronger growth at 4.61 per cent.
Adelaide has emerged as the strongest performing capital city in April, rising 0.30 per cent, followed by Melbourne at 0.25 per cent and Canberra at 0.20 per cent.
The South Australian capital has also claimed the crown for strongest annual growth at 10.77 per cent, overtaking Perth which recorded 9.30 per cent growth over the year.
Regional Queensland and South Australia were the top-performing markets in April, with increases of 0.49 per cent and 0.48 per cent, respectively, highlighting the continued strength of areas outside major metropolitan centres.
Nationally, houses saw stronger growth than units over the month, with houses up 0.24 per cent while unit prices remained flat.
However, when comparing annual growth, units slightly outperformed houses at 3.88 per cent versus 3.67 per cent.
This trend is particularly evident in regional areas, where units recorded annual growth of 5.34 per cent compared to 4.49 per cent for houses.
The rate of price growth is showing signs of moderation in previously outperforming cities such as Perth, Adelaide and Brisbane, while underperforming markets including Melbourne, Canberra, and Sydney have begun to pick up.
This shift is reducing the divergence in home price growth that has been observed across the country over the past year.
REA Group Senior Economist Anne Flaherty said that while national home prices rose in April, the pace has slowed compared to the first quarter of the year.
“Should interest rates fall in May, we may see the rate of growth pick up again as borrowing capacities increase and mortgage repayments decline,” Ms Flaherty said.
With a federal election approaching, housing affordability has become a key political issue, with both major parties announcing policy incentives aimed at first-home buyers.
Ms Flaherty said these upcoming policies may be causing some potential buyers to delay their entry into the market until after the election.
“Whichever party is elected, the combination of increased first home buyer incentives, lower interest rates, and supply-side challenges are expected to contribute to even higher property prices in 2025,” she said.