Melbourne’s median house price rose 11% over the past year, surpassing Sydney to become Australia’s best performing capital city for home prices, according to CoreLogic RP Data’s latest Home Value Index.

 

The index shows dwelling prices in Melbourne rose 11% in the 12 months to the end of January, compared to 10.5% in Sydney.

 

Melbourne’s median home price was $595,000 at January 31, while Sydney’s was $776,000.

 

In January, home prices in Hobart and Canberra grew 4.7% and 2.8% respectively, but Hobart remained Australia’s most affordable capital with a median home price of $332,500.