Brisbane, Adelaide and Hobart have led the rise in the national housing market while former front-runner Sydney has faded to the middle of the pack.
And that may be a sign of things to come.
Capital city housing prices rose an average of 0.5 per cent in February, according to the figures from CoreLogic RP Data.
Sydney's rise was in line with the average, while Melbourne's was a bit below it at 0.3 per cent.
But outsized gains were posted by Hobart, where values rose by 2.9 per cent, and Brisbane and Adelaide, where rises came in just below two per cent.
"The largest monthly increases in home values were recorded in the cities that have been underperforming over the growth cycle to date," CoreLogic RP Data head of research Tim Lawless said.
"Affordability constraints aren't as apparent in these cities and rental yields haven't been compressed to the same extent as what they have in Melbourne or Sydney."
Sydney's median home price of $730,000 is still well above second-placed Melbourne's $550,000.
At the same time, Melbourne retained its position as the fastest growing market over the past year, with an 11.1 per cent rise in home values, while Sydney was not far behind at 9.5 per cent.
But, Mr Lawless said, some of the smaller cities, where price rises have recently picked up, may soon start to challenge Sydney's annual growth rate.
The number of homes listed for sale is currently lower than a year ago in Melbourne, Brisbane, Hobart and Canberra.
"The lower inventory levels imply less stock to choose from for buyers and, consequently, stronger selling conditions compared with a year ago," Mr Lawless said.
"The higher stock levels that are now evident in Sydney, as well as Perth and Darwin, suggest buyers have more homes to choose from and vendors may need to be more flexible in their pricing expectations."
Forecasts released last week by Moody's Analytics, using CoreLogic RP Data figures, pointed to resilient price rises in Melbourne, with faster growth trends in Brisbane, Hobart and Canberra.
"The forecast seems to be evident so far in these numbers," Mr Lawless said.
MEDIAN HOME PRICES AND CHANGES
Sydney: $730,000, month +0.5 pct, year +9.5 pct
Melbourne: $550,000, month +0.3 pct, year +11.1 pct
Brisbane: $474,500, month +1.8 pct, year +5.5 pct
Adelaide: $415,500, month +1.9 pct, year +2.8 pct
Perth: $500,000, month -1.1 pct, year -3.1 pct
Hobart: $315,200, month +2.9 pct, year +6.2 pct
Darwin: $508,500, month +0.4 pct, year -2.9 pct
Canberra: $530,000, month -0.2, year +4.5 pct
Combined capitals: $545,000, month +0.5, year +7.6 pct
Other regions (January) $380,000, month +0.6 pct, year +2.2 pct
Source: CoreLogic RP data
