Melbourne leads modest 0.9% gain in unit prices in April quarter: APM

Melbourne was the strongest performing capital city unit market over the three months to April with median prices rising 4.1% to $405,224, according to Australian Property Monitors (APM).

Overall the national unit market gained just 0.9% over this period.

The other notable rise was on the Gold Coast with unit values up 2.9% to a median of $370,000 though prices are still down 5.4% over the past 12 months.

"Melbourne’s housing market has risen since the Easter holiday period, with auction clearance rates on the rise over April and May," notes Dr Andrew Wilson, who prepared its latest housing market report.

"Auction listing numbers also rose over this period, with more than 700 extra properties offered for auction compared to the same period a year ago. This indicates that seller-confidence is on the rise in a market that continues to perform at three-year highs."

Wilson said the Gold Coast remained "on track for a modest revival in buyer activity, following a prolonged period of subdued activity, similar to other major housing markets in South-East Queensland that tend to move in sync".