AUSTRALIAN PROPERTY UPDATE: Home prices surge in January in all major cities

AUSTRALIAN PROPERTY UPDATE: Home prices surge in January in all major cities

A widely watched home value index shows prices surged in most capital cities in the first month this year.

The RP Data - Rismark Home Value Index jumped 1.2 per cent across Australia's capital cities in January.

The strong monthly gain means Australian capital city home prices are now up rather than down over the past 12 months.

PERFORMANCE OF AUSTRALIAN CITIES:

Hobart had the biggest monthly gain of 4.5 per cent, pulling its prices to a 0.8 per cent rise over the past year.

Brisbane's prices were up 2 per cent, resulting in a 2.3 per cent gain since January 2012.

Sydney continued a steady positive run, with prices up 1.8 per cent in January, for a 3.4 per cent gain over the past year.

Perth also had a relatively solid run, with a 1.7 per cent rise last month for a 2.7 per cent gain since January 2012.

However, Melbourne has lagged again among the capital cities, with a 0.2 per cent rise in January leaving prices down 0.4 per cent over the past year.

Adelaide prices also failed to match the strong gains elsewhere, rising 0.4 per cent in January and 0.7 per cent over the past 12 months.

The two territory capitals had divergent performance: Canberra recorded a 1.5 per cent rise in January and 2.7 per cent over the past year; but Darwin prices fell 2.2 per cent last month, although were still 8.7 per cent higher over the past year.

House prices outside the state and territory capitals eased 1.1 per cent in December, and fell 0.7 per cent over 2012.

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Reference: abc.net.au