Over the year to March 2016 the best performing markets were Sydney (+9.7 per cent), Melbourne (+9.8 per cent), Canberra (+4.6 per cent), Hobart (+4.2 per cent). and Brisbane (+4.1 per cent).
However, prices were down year-on-year in Perth (-4.5 per cent) and Darwin (-4.7 per cent).
For example, by cherry-picking a start date of 2003, I can show Sydney as having been a relative "under-performer" to Melbourne, Perth, and Darwin. Whereas in reality the median 1995 house price in Sydney was well under $200,000. It's about $1 million today.
I'm not sure what you should infer from that. Basically, unless you are a great market timer - which most people aren't - capital city buy and hold investment has been an outstanding bet over the long run. To beat the material transaction costs, market timers would need to have bought and sold well in order to outperform.
The data above does show quite neatly how the resources capitals have cooled off in sympathy with the end of the mining investment boom.
No mean feats
Dwelling stock expands