Sydney and melbourne push up oz house prices

Sydney and Melbourne are pushing up house prices in Australia at the start of the New Year, according to the latest RP Data-Riskmark Home Value Index.

During the three months to January 2014, prices climbed 2.7 per cent across Australia's capital cities, while on a monthly level, values increased 1.2 per cent.

The rising prices were led by Sydney and Melbourne, with values rising 13.4 per cent and 11.9 per cent respectively. Growth in other cities is varied, with every other capital city apartment from Perth recording annual increases of less than 5 per cent.

Overall prices are now 4.8 per cent higher than their previous peak, recorded in October 2010.