All dwelling segments ended 2019 with substantial gains in values, according to the Real Estate Institute of Australia (REIA).
Over last year's final quarter, median prices increased by 4% for houses and 3% for other dwellings.
REIA said the growth in house prices was recorded across capital cities except for Darwin, where values remained flat.
Hobart reported the most robust growth at 7.8%, bringing its median price to $550,000. Sydney, on the other hand, remained the city with the highest median price at $1.14m, representing a 5.7% growth.
The national average median price for houses across the eight capitals during the quarter increased to $775,918. Over the year, this figure represented a growth of 4.6%.
The table below shows the median house price in each capital cities during the quarter:
In terms of other dwellings, the median price increased by 3% to $600,505. Sydney, Melbourne, Canberra, Hobart, and Darwin all reported upward movement in the segment's prices.
A forecast by NAB Group Economics said while Australia's prices are expected to continue rising over the next few years, the growth would likely taper.
"Low interest rates are expected to continue to provide support, as is the low level of unemployment and still healthy population growth in Sydney and Melbourne, however, affordability constraints will arise as prices reach their previous peak," NAB said.
Based on NAB's projections, Australia's overall price growth will hit 4% this year before slowing down to 2.5% in 2021.
