Sydney and Melbourne house values jumped through August on the back of the Reserve Bank's cut to official interest rates.
While stronger over the past quarter,values in the two cities are still down over the year. House values in Sydney are off by 7.7 per cent since August last year while in Melbourne they are down by 8.7 per cent.
There was a solid lift of 1.1 per cent in Canberra house values over the month while in Hobart they increased by 0.8 per cent.