Corelogic's Home Value Index rose 0.8% in May, the 16th consecutive month of growth and the largest monthly gain since October last year.

The mid-sized capitals continued to lead the pace of growth, with Perth home values up 2.0% in May, Adelaide rising 1.8% and Brisbane up 1.4%.  In dollar terms, it’s the equivalent of the median dwelling value rising by more than $12,000 month-to-month in each city.

The remaining capital cities recorded milder conditions, ranging from a 0.6% lift in Sydney values to a monthly decline of -0.5% in Hobart and a -0.3% fall in Darwin.