Home sales got off to a flying start in 2014, posting their strongest rise in five years.
RP Data shows 82,051 houses and 30,417 units were sold in the first three months of the year.
The number of home sales were 7.9 per cent higher than in the March quarter last year, while unit sales were up four per cent.
Research analyst Cameron Kusher says it’s the strongest first quarter volume of sales for houses since 2009 and the best first quarter for units in four years.
Brisbane and Adelaide recorded the greatest annual rise in sales, up 21.1 per cent and 10.8 per cent respectively.
Perth and Canberra recorded falls in sales over the year, falling 8.2 per cent and 4.2 per cent respectively.
Mr Kusher says when the number of homes sales across the capital cities fall below 80,000 on a quarterly basis, values typically rise by less than two per cent.
But when quarterly sales fall to 70,000, values to start to fall.
Mr Kusher said sales volumes were traditionally lower at the start of each year as housing market activity slows in January after what is usually a busy time in the lead up to Christmas.
“With the quarterly rate of home value growth having most recently peaked in September 2013 and quarterly sales having peaked shortly thereafter in November, it will be interesting to watch what happens to sales and values from here,” he said.
The sales data comes after a separate RP Data-Rismark Home Value Index on Monday showed capital city home values fell 1.9 per cent in May.