Making up 38.6 per cent of the capital city unit market, the 1.2 per cent decrease in Sydney’s unit values weighed heavily on the combined capitals growth metric in April, with all other capitals reporting quarterly growth.

Brisbane, having recorded its highest quarterly growth rate since January 2008, led the pace of quarterly growth followed by Adelaide and Canberra.

In Melbourne, unit appreciation appears to be regaining some steam with recording a 0.4 per cent increase in values, resulting in the city’s first positive quarterly growth rate since January.

Regional houses have continued to outperform regional units, with the pace of growth easing across both segments from the 1.7 per cent rise seen in March.

Regional Queensland led the pace of quarterly growth, recording a new cyclical high of 6.3 per cent, followed by regional Western Australia, regional Tasmania and regional New South Wales.

“While value growth across most unit and house markets is now losing momentum, Brisbane and regional Queensland units are yet to show signs of a slowdown in growth,” Ezzy said. 

During the first three months of the year, units in East Melbourne notched up a 6.2 per cent rise while apartments in Parkville also defied the downturn, with median prices rising by 5.1 per cent.

Kensington was up by 4.5 per cent, Carlton by 4.4 per cent and Southbank by 4.2 per cent.

In Sydney, apartment prices in Eastgardens in the eastern suburbs rose 4 per cent, while Terrigal and Hamlyn Terrace on the Central Coast climbed by 6.5 per cent.

Swan Hill, in regional Victoria, notched 14.4 per cent – the highest quarterly growth recorded across all markets.

The median unit price in Oxenford on the Gold Coast jumped 14.3 per cent. It rose by 11.3 per cent in Noosaville on the Sunshine Coast and by 14.2 per cent in Bunbury in regional Western Australia.