In good news for owners and investors, the CoreLogic Home Value Index results for October confirmed a 1.2 per cent rise in national dwelling values over the month.

While still lower than their previous peak, the positive October result takes national dwelling values 2.9 per cent off their June 2019 floor, according to the research group.

According to analysis, the October result was the largest month-on-month gain in the national index since May 2015 and follows the 8.4 per cent decline noted between October 2017 and June 2019.

CoreLogic indicated that home values are at a similar level now to where they were three years ago, still 5.7 per cent below peak.

Its monthly round-up said that while the strongest growth conditions continue to be centered in Melbourne and Sydney, dwelling values trended higher across most capital cities over October.

It credited lower mortgage rates and improved credit availability as spurring on buyer demand.

Perth was the only city to see a value decline over the month, which, based on the rolling three-month change, saw values fall by 1.7 per cent.