While median property prices dropped again slightly in July, most markets are still higher than they were 12 months ago.

PropTrack’s latest data shows dwelling values dropped in all but two locations – Regional South Australia (up by 0.6%) and Darwin (up by 0.1%).

Prices remain steady in Regional Queensland, Western Australia, Tasmania and Northern Territory, while all declines recorded in the past month are less than 1%.

Overwhelmingly, median dwelling prices remain higher than at the same time last year with the biggest increases 14.9% in both Perth and Darwin and 14.2% in Regional Western Australia.

Sydney (-1.6%), Melbourne (-2.7%) and ACT (-0.9%) are all lower than at the same time last year.

PropTrack senior economist Anne Flaherty says regional areas are continuing to outperform capital city markets.

“Home prices in Australia’s regional areas continued to show greater resilience than the capital cities, with the combined regional areas seeing prices hold steady over the month,” she says.