Melbourne's house values have increased 5.7 per cent over the past three months,or almost 23 per cent at an annualised rate. The median house price in the city has climbed by $41,000 since July.
Sydney is not far behind,with prices up 5.3 per cent through the quarter,or 21.16 per cent at an annualised rate. Its median house price has soared by $53,320,or $580 a day,since the start of August.
In both cities,values so far this year are now in positive territory.
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It wasn't just houses. Unit values in Sydney lifted 1.2 per cent in October to be 4.2 per cent up over the quarter while in Melbourne they jumped 2 per cent to be up 5 per cent over the past three months.
AMP Capital chief economist Shane Oliver said the price gains in the two cities might be maintained,tipping increases of between 10 and 15 per cent over the next six to 12 months.
Dr Oliver said the nation's two biggest markets were only last year suffering from"fear of not getting out"(FONGO).