The latest market insight report from PropTrack shows house prices in Australia surged since the pandemic, with regional areas experiencing the highest growth since March 2020.

National home prices have jumped 39.9 per cent in the four years since the pandemic began in March 2020. However, growth has far outpaced that in many regions.

Growth has surged in regional Queensland, while Melbourne has had one of the slowest growing markets.

"Four years on from the pandemic, home prices around the country have staged a remarkable feat," said PropTrack Senior Economist Eleanor Creagh.

"From fears of sharp falls through the pandemic, to the expectation of steep declines when interest rates began to quickly climb, home prices have defied the expectations of many, surging 39.9 per cent nationally.

"Through the pandemic strong demand, low supply and record low interest rates combined to drive a once in a generation price boom.

"Coastal and regional areas benefitted most from affordability advantages and pandemic induced preference shifts resulting in surging property prices.

"Four years on and regional home prices have outperformed their capital city counterparts in every state except WA and NT."

Ms Creagh said houses prices took off again in January 2023, with the trend continuing in the first three months of 2024.

"Melbourne has been one of the slowest-growing markets since the pandemic and prices are up just 17.2 per cent since March 2020. 

"Regional Victoria has greatly outperformed Melbourne, with home prices up 40.6 per cent since March 2020, despite prices hitting a fresh low in March 2024 now down 3.70 per cent from their April 2022 peak."

The median house value in regional Victoria is now $584,000, a 40.6 per cent increase since March 2020.