It took an average of just 29 days to sell a Melbourne home in December 2016, a report from CoreLogic said. Its performance was better than the 39-day average during the same period last year.

Melbourne also performed stronger than the 38-day average across the capital cities for December 2016.  “The days on market figure will provide a good indication of the strength of individual housing markets throughout 2017,” CoreLogic said.

Sydney posted the second-best performance, as dwellings there spent an average 33 days in the market, compared to 39 days in December 2015.

“After the current growth phase has run for more than four and a half years, we are still seeing a rapid rate of sale in Sydney and Melbourne,” CoreLogic said.

Hobart recorded a large drop in days on market over the past year, falling from 47 days in December 2015 to 35 days in December 2016. Residential properties in Adelaide took 43 days to sell, as long as in December 2015.

Residential properties in Perth spent 65 days in the market December last year, up from 58 during the same time in 2015.

Dwellings in Darwin took an average of 86 days to sell at the end of 2016, up from 74 days at the end of 2015. At the end of 2015, the typical Canberra dwelling was taking 47 days to sell compared to 37 days at the end of 2016.

Dwellings were taking an average of 57 days to sell at the end of 2016 in Brisbane, compared to 43 days a year earlier.  Brisbane is only city in which the days-on-market figure has trended higher, CoreLogic said.

Capital city dwelling values continued to rise in January, according to the CoreLogic Home Value Index.

Combined capital city dwelling values increased by 0.7% in January, which took values 10.7% higher over the past year. Moreover, over the three months to January, capital city dwelling values increased by 2.3%. These recent increases have taken the total value of residential value stock to $6.9trn, according to CoreLogic’s estimates.

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