Price rises in Melbourne and Sydney pushed the total value of Australian property to $6 trillion, up from $5.5 trillion a year ago, according to CoreLogic RP Data.
Melbourne prices rose 4.9% and Sydney 3.3% in July.
In the last 12 months, Sydney house prices have increased 18.4%, Melbourne 11.5%, and Brisbane 3.9%, while values have dropped in Darwin and Perth. Combined, capital city prices rose an average 11.1%.
During the current growth cycle, which started in June 2012, the divide between Sydney and Melbourne and the remaining capitals has become more pronounced.
Sydney and Melbourne values are 47.9% and 32.1% respectively higher over the current cycle while every other capital city has seen growth of less than 13% over the same period.