House prices in Australia's metropolitan cities grew month-on-month 1.4 per cent in February, continuing upward march despite recent interest rate increases.
As per the RP Data, Rismark Hedonic Home Value Index, house prices across capital cities jumped 1.4 per cent in February, pushing the value of homes up by 12.7 per cent over the last twelve months.
Released figures also showed that the national median dwelling price in capital cities has jumped to $455,000. Melbourne reported the highest rise at 5.4 per cent over the months to February to a median price of $480,000.
House prices in Sydney jumped 3.8 per cent to settle at a median price of $519,000.
But, not all capital cities have recorded increases. Perth and Hobart reported decreases of 0.2 per cent and 4.2 per cent to $475,000 and $325,000 respectively.
Rismark CEO Christopher Joye said that house prices got a boost from solid population growth of 2.1 per cent per annum.