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Property prices continue to climb

A new report shows Australia's two most populous cities have pushed the growth rate for dwelling values to a record high.

Across the nation's capital cities, dwelling values reached a record growth rate of 8.3 per cent year-on-year to reach a median of $580,000.

Melbourne remains the country's top-performing city, with dwelling values rising 11.5 per cent in the 12 months to 30 June 2016.

Sydney rose 11.3 per cent over the same period, followed by Hobart which increased by 6.2 per cent, Brisbane by 5.3 per cent, Canberra by 3.9 per cent and Adelaide by 2.2 per cent.

Perth recorded the biggest loss as dwelling values decreased by 4.7 per cent, while Darwin’s dwelling values fell 1.1 per cent.

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Across the nation’s capital cities, dwelling values reached a record high of 8.3 per cent year-on-year to reach a median of $580,000.

CoreLogic research director Tim Lawless said Sydney’s home values have been rising for four years and have increased by a cumulative 59 per cent over this time frame.

“Melbourne dwelling values have been rising for the same length of time and have moved 41 per cent higher over the growth cycle to date,” Mr Lawless said.

“The strength of 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.”

[Related: The correlation between dwelling values and housing finance data]

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