Corelogic's latest Housing Market and Economic Update for June 2016 takes the combined capitals index to sit five per cent higher over the first five months of the year, in "stark" contrast to the final five months of 2015.
Following the 1.7 per cent rise in capital city dwelling values in April, capital city home values fell by 0.2 per cent but the Hedonic Home Values Index has risen to 1.6 per cent over the month.
Corelogic reports that capital gains are accelerating on the back of stronger housing market conditions and capital city dwelling values sit higher over past 12 months with Sydney and Melbourne seeing the strongest annual increases in home values up 13.1 per cent and 13.9 per cent, respectively.
"There is some evidence that value growth is starting to spread to other capital cities with home values 7.1 per cent higher over the past year in Brisbane, 6.1 per cent higher in Hobart," said Corelogic's Head of Research, Tim Lawless.
"Values sit5.7 per cent higher in Canberra. Values are rising in Adelaide, but the rate of growth is moderate at 3.9 per cent over the past year. Values are down in Perth and Darwin to 4.2 per cent, and 3.5 per cent, respectively," he said.
Home sales have trended lower over recent months:
Overall weakness in rental market:
Selling time of homes has increased slightly, while discounting levels are falling for units:
Both new and total listings are higher than they were a year ago:
Economic data remains mixed