Home prices just rose again. Here's what you can buy for the median price across the country

Home prices across Australian went up again in July, for the sixth month running.

The national dwelling value, which covers both houses and apartments, rose 0.6 per cent in July bringing it to $844,196, according to the Cotality Home Value Index.

"At the national level, the pace of growth in housing values is no longer accelerating," said Cotality's research director, Tim Lawless.

Know the news with the 7NEWS app: Download today

"Rather, we have seen growth rates holding a little above half a per cent from month to month since May."

How high?

Every capital city saw a rise in home values, with the most expensive city Sydney now having a median dwelling value of just over $1.2 million.

The mid-size capitals of Brisbane, Adelaide and Perth saw some of the strongest rise in values, with Brisbane retaining its position as the second most expensive capital with a median house price of $943, 623.

It was the Northern Territory capital of Darwin however, that saw the biggest price growth in July. It saw home values jump 2.2 per cent, but with a median dwelling price of $547,391 it is still the cheapest capital.

Regions behind

July was also the month that regional property dropped behind the growth of capital cities.

"This isn't a story of regional markets slowing down but of capital city markets accelerating to overtake the regional trend," Mr Lawless said.

While in July both national and capital city prices rose at the same level of 0.6 per cent, in looking at the change in the past three months capital cities were ahead.

That change came as the number of people making a sea or tree change dropped.

"Regional markets are no longer receiving the same level of internal migration during the pandemic," Mr Lawless said.

He said that some regional markets had also lost their "affordability value", particularly those that were in a commutable distance to capital cities.

What is next?

What we've seen happen in the latest numbers on home values is expected to continue for the rest of 2025, according to Mr Lawless.

"We can see ongoing growth but nothing that is shooting out the lights out, and I think that is the theme for the year ahead," he said.

"There will be some further growth in housing prices due to the fact that we are expecting to see interest rates coming down and confidence being boosted.

"However, with this background of ongoing low supply- [of homes coming up for sale] it is pretty hard to see a material rate of capital gain until we start to see affordability improving, which I think is a long way off."

He said that in 2025 we could see a total home price growth rate of "around that 6 per cent mark".