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Australian property prices continue to climb at an impressive rate.
Over the past 12 months, CoreLogic's Home Value Index has risen 8.9 per cent.
This, according to the property data firm, has added the equivalent of approximately $63,000 to the national median dwelling value (which is $765,762).
It also takes the index to a new all-time high in February.
CoreLogic attributes the increase to an excess of property demand over supply.
"The broad-based capital gains seen over the past year reflect the ongoing imbalance between housing supply and demand, which has helped to counteract the less favourable market and affordability conditions," CoreLogic noted.
This is an important point.
The property analysis firm is indicating that despite extraordinary property market price gains in recent years, demand remains robust.
CoreLogic's interactive Mapping the Market tool found that 88.4 per cent (4,087) of the 4,625 house and unit markets analysed nationally saw values rise over the year.
Brisbane, Adelaide, and Perth saw the most widespread value uplift year-on-year, across both houses and units.
The inner-city suburb of East Perth (minus 0.8 per cent) was the only market in the western capital to record a decline in house values.
"Positive net migration flows, low housing supply and comparatively low housing prices have all helped support widespread growth across these markets," CoreLogic's report noted.
"Not only have the annual increases in these cities been fairly broad-based, they've also been very strong, with the majority of suburbs recording double-digit value growth."
AMP's deputy chief economist, Diana Mousina, said it was an impressive result.
"It's a very good return if you're thinking about other asset classes," she said.
"At the same time, you don't really realise that increase in prices unless you sell your home."
Hobart was on the other end of the spectrum, with three out of four markets declining in values over the quarter, while 56.1 per cent recorded values lower than a year ago.
"Really, it's Sydney, Melbourne, Brisbane where the price of houses in particular, but I guess also units to some extent, just looks completely overvalued," Ms Mousina said.
"It's quite difficult to not be close to the CBD and work close to the CBD, which means that people are pressured into a few spots within 100 kilometres of the CBDs, and that's what's kept prices booming.
"At the same time, we've run very high levels of immigration now for 20 years — and that just adds to our problems in housing supply.
"So I don't think it's a Ponzi scheme. I think there are genuine reasons why property prices are overvalued.
"Not to mention the impact of taxation and how Australian taxation massively favours property investment."
CoreLogic's report also showed 94.2 per cent of the 4,030 house and unit markets analysed recorded an annual rent rise, while nearly 40 per cent saw rental values rise by 10 per cent or more.
"Over the past few years, rental growth has been skewed to capital city units, but as unit rent affordability has been eroded, some prospective tenants may be shifting towards house rentals, likely reforming larger households as a way of sharing the rental burden or to more affordable markets further afield," the report said.