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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.
New figures from CoreLogic also reveal that dwelling values rose by 5.5 per cent over the calendar year to date.
Melbourne remains the country's top-performing city, with dwelling values rising 11.5 per cent over the 12 months to 30 June 2016.
Sydney rose 11.3 per cent over the same period, followed by Hobart increasing 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, with dwelling values dropping by 4.7 per cent, while Darwin's dwelling values fell by 1.1 per cent.
CoreLogic research director, Tim Lawless, noted that Sydney's home values have been rising for four years and have increased by a cumulative 59 per cent over this time.
"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," he said.
"The strength of the Hobart housing market is being fueled by the sheer affordability of housing and a renewed trend towards Melbourne and Sydney buyers unlocking their equity to make lifestyle housing purchases."
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