Melbourne house value growth overtakes Sydney after October surge: CoreLogic

Melbourne house values soared a massive 2.4 per cent over October, leaving Sydney trailing in its wake, according to CoreLogic.

Melbourne's huge success over the month also took its quarterly gains higher than Sydney, posting 5.7 per cent gains.

Sydney house values were up another 1.8 per cent in October, with quarterly gains of 5.3 per cent.

The October price surge in houses is the biggest month-on-month gain since May 2015.

To enlarge, click here.

Last month the nations two biggest capital city markets posted 1.6 per cent gains in house values.

Melbourne's unit market also outperformed Sydney in October, posting two per cent gains to Sydney's 1.2 per cent increase.

Nationally dwelling prices were up 1.2 per cent across all capitals and territories, the fourth month in a row of dwelling value gains.

To enlarge, click here.

Perth was the only capital not to see gains, with their value decline over the quarter now approaching Darwin after the Northern Territory capital saw a 0.3 per cent dwelling value increase over October.

Darwin's slight increase was led by houses, up 0.7 per cent. Perth's median dwelling value has now slipped behind Adelaide.

Sydney and Melbourne's dwelling values are approaching the break even point annually after a huge turn around in the markets in the last few months.