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Australian home prices hit a new record in May and are now 2.73% higher than at the same time last year.

The latest PropTrack Home Price Index report shows that almost every capital city, with the exception of Hobart (down by 0.13%) and Canberra (down by 0.21%), recorded price growth in May.

The strongest growth was in the “smaller capital cities” of Perth, Brisbane and Adelaide. The report says this is a trend that has been evident for much of the past two years.

“These markets remain the strongest for annual growth, with Perth prices up 20.58% over the past year, while Adelaide and Brisbane have grown 14.49% and 13.69% respectively,” it says.

Brisbane’s growth means it is now the second most expensive capital city in Australia, surpassing Melbourne.

“Brisbane remains one of the strongest performing markets over the past year,” the report says.

Capital city price growth outpaced the regions during the month, with many of the regions recording minor declines during May. The only regional markets to record price growth in the month were New South Wales and Tasmania.

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