Rise in capital city value index

Many of Australia's capitals have enjoyed growth in property values for February, according to the latest RP Data-Rismark February Hedonic Home Value Index.

The 0.3 per cent rise follows a 1.2 per cent rise in January, the News Limited Network stated.

Darwin enjoyed the greatest rise of 2.3 per cent, while Brisbane saw the largest fall of 1.1 per cent.

Over the last quarter, Darwin and Adelaide were the only centres to record a fall in the values of residential real estate.

Hobart saw the greatest rise of 4.2 per cent during the three-month period.

While there have been a litany of rises in values, RP Data's Tim Lawless said people should put that result into context.

He explained: "While the housing market is staging a demonstrable recovery, we need to see values rise a further 4.3 per cent before we can say that a technical recovery has been achieved."

It's expected that that recovery could take up to six months to achieve.

Queensland in particular has seen some growth of late, with the Real Estate Institute of Queensland (REIQ) recording an eight per cent rise in transactions for the three months to December last year.

REIQ chief executive Anton Kardash said the results showed there was an upward momentum for the second half of 2012.