Home prices headed higher

Housing prices rose strongly in the Sydney and Melbourne last week, with both recording double-digit percentage annual growth, CoreLogic figures show.

The two major metropolitan markets have led home prices higher, lifting average annual growth for the mainland state capitals to 8.0 per cent, from 7.0 per cent previously.

Prices in Sydney rose 0.8 per cent last week, lifting that city's annual growth rate to 10.8 per cent, from 9.6 per cent, while Melbourne's 1.3 per cent weekly gain pushed its annual increase to 10.4 per cent from 9.2 per cent.

Despite more moderate weekly rises in Brisbane/Gold Coast and Adelaide, and a fall in Perth, the five-city average price rose by 0.7 per cent for the week, according to figures from property market analysts CoreLogic.