Sydney was recorded as the most expensive city in the moth of April, with a median dwelling price of $780,000.
While we’ve seen capital gains moderate substantially after peaking last year in Sydney, dwelling values continue to trend higher, just not as fast.
It is this strong performance from the Sydney market which is largely driving the higher growth rate across the combined capitals average.
The regional market to receive the highest value gains was New South Wales where house values were up 6.5 per cent over the past twelve months.
The results show value growth moved at a faster pace compared with the final three months of 2015 when capital city dwelling values slid 1.4 per cent lower off the back of weaker market conditions in Sydney.
The mature nature of the Sydney unit market has actually seen houses underperform compared to units, with growth of 8.4 per cent and 11.5 per cent respectively over the past twelve months.
The annual rate of growth in Sydney peaked at 18.4 per cent in July last year and has since moderated back to slightly less than half the peak rate of growth, at 8.9 per cent over the most recent twelve month period.