It can be challenging to make sense of the Australian real estate market when media commentary is often unreliable.

Knee-jerk reactions to short-term data from economists, journalists, and major research firms create a wave of conflicting and confusing reports.

House price data is the biggest culprit, with too much emphasis placed on short-term fluctuations.

Property is a long-term investment, and a single month’s change in median house prices is largely irrelevant.

Yet, we constantly see commentators declaring a downturn based on just one or two months of lukewarm figures.

Most people know this is misleading, but the temptation to generate dramatic headlines is too strong.

A recent press release from a major data provider in early March boldly claimed: “Housing Downturn Reverses in February!”

But was there even a housing downturn? Apparently, two months of weaker figures now qualify as a downturn, and then a modest 0.3% increase is enough to declare a full recovery.

Quarterly data provides a far more accurate picture. The latest figures show:

Perth house prices have stopped rising, confirming its boom has peaked.

Adelaide, Darwin, and Brisbane recorded the strongest growth among capital cities.

Regional Queensland, South Australia, and Western Australia led the way in quarterly gains.

Meanwhile, Sydney and Melbourne house prices dropped by about 1% over the quarter. Both cities saw small increases in February, but it’s too early to call it a true recovery.