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Home values rise 0.5% in June

developments.jpgCapital city dwelling values rose a half per cent in June, led by Sydney and Melbourne.

The CoreLogic June Home Value Index results shows gains of 1.2 per cent in Sydney and 0.8 per cent in Melbourne.

All but one of the other state and territory capitals recorded falls, the exception being Hobart, where values rose by 1.8 per cent.

The gains in Hobart may even be a spillover from the two bigger markets, according to CoreLogic's Asia Pacific research director, Tim Lawless.

"Potentially, the Hobart housing market is being fuelled by the sheer affordability of housing and a renewed trend towards Melbourne and Sydney buyers unlocking their equity to make lifestyle housing purchases," he said.

Annual rises were similar at just over 11 per cent in Sydney and Melbourne, although the median dwelling value was higher in Sydney, at $780,00, compared with Melbourne's $587,500.

The median value across the capitals was $580,000 with an average annual increase of 8.3 per cent.

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