The median house price has climbed in every capital city except Perth since January 2009 and is now $468,819 nationally, just $520 less than the peak of the market in February 2008 according to figures from RP Data.
"In the five months to May 2009, we can officially say the market has recovered," said Tim Lawless, head of research at RP Data.
According to RP data, Melbourne is the best performing capital this year in terms of home value price growth, recording a staggering 6.1% rise over the first five months of 2009.
Darwin, however, remains the top overall performer over the past 12 months with a 14.3% increase in home values.
Perth is the weakest capital city, with housing values falling 0.5% over the first five months of 2009 and 4.6% over the last 12 months.
Sydney recorded the highest median house value at $582,543 while Adelaide laid claim to the most affordable houses with a median price of $412,516.
How did they fair: dwelling values – five months to end May 09
Sydney values increased 5.2 per cent to $529,785
Perth values decreased 0.5 per cent to $468,052
Canberra values increased 2.1 per cent to $460,309
Darwin values increased 5.5 per cent to $444,846
Melbourne values increased 6.1 per cent to $443,811
Brisbane values increased 2.6 per cent to $432,101
Adelaide values increased 0.5 per cent to $396,839
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