The combined value of real estate in Australian capital cities rose 1.8 per cent over the last 12 months, according to new data.
RP Data-Rismark's most recent Home Value Index found that the 1.2 per cent jump in prices in January contributed to this rise, making the 1.2 per cent drop in the final quarter of 2012 redundant.
Melbourne was the only city to record a drop (0.4 per cent) over the last 12 months but did enjoy a 0.2 per cent rise in values in the first month of 2013.
For January, Brisbane recorded the biggest improvement - up by two per cent, which was followed by Sydney and Perth on 1.8 per cent and 1.7 per cent respectively.
Tim Lawless, the research director with RP Data, observed that house prices will enjoy growth in 2013 but not to the extent that was seen in January. He also commented that such revelations will dampen hopes of an interest rate cut.
He said: "The latest housing market data adds weight to the argument that interest rates may be at the bottom of the cycle.
"The Reserve Bank will be watching the performance of the housing market closely, and the positive trend in housing values will dampen calls for further interest rate cuts."
