April showed a further softening in buyer momentum, with auction clearance rates easing to an average of 51.2%, down from 54.6% in March. The decline was broad-based, with Sydney and Melbourne both falling from 57% to 54%, Brisbane dropping more sharply from 49% to 40%, and Adelaide easing from 59% to 55%. Canberra was the exception, improving slightly from 51% to 53%.

Rental conditions remain tight, although vacancy rates moved slightly higher in some markets. Sydney rose from 1.1% to 1.3%, Melbourne from 1.4% to 1.5%, Hobart from 0.4% to 0.5%, and Canberra from 1.1% to 1.4%. Brisbane, Adelaide and Perth remained unchanged at 0.8%, 0.7% and 0.6% respectively. This suggests rental supply is still constrained, but some markets are beginning to show a mild easing.

The cash rate remained unchanged at 4.1%, while CPI eased from 4.6% to 4.2%, indicating inflationary pressure is moderating. However, consumer confidence fell significantly from 84.96% to 65.22%, suggesting households became more cautious through April despite the improvement in inflation.

Home value growth remains resilient, with the five-capital-city aggregate recording 8.9% annual growth, slightly below March’s approximate 9.5%. Perth, Brisbane and Adelaide continue to lead annual growth, while Sydney and Melbourne remain more subdued.

Overall, April points to a market that is cooling in buyer activity but not weakening structurally. Auction results softened and confidence declined, yet low vacancy rates and continued annual home value growth show that the fundamentals remain supportive, particularly for well-positioned investment-grade assets.