Perth property values have had a spike in the past quarter with new figures out today revealing a some short term growth.

The latest CoreLogic RP Data home value index figures revealed a 1.7 per cent increase in dwelling values in Perth for the three months to the end of January.

The slight uplift comes after months of drops in values.

The picture was not so bright on a yearly basis with home values down 4.1 per cent.

Nationally home values increased during January by 0.9 per cent with Sydney finally toppled from its top spot as the best performing property market.

The highest growth for the year was Melbourne where values increased 11 per cent and Sydney where they were up by 10.5 per cent.

CoreLogic RP Data head of research Tim Lawless, said the bounce in dwelling values in January may be an early sign that housing values across the combined capital cities would not drop much in 2016.

Although he did predict the rate of price growth would be lower.

“We believe that the rate of capital gain across the combined capitals in 2016 is likely to be less than the 7.8 per cent experienced in 2015,’’ Mr Lawless said.

“(this will be) driven by a slowdown in Sydney and Melbourne and continued softness in the Perth and Darwin markets.”

Mr Lawless said he didn’t think the declines were over yet for the Perth market.

“I think the positive quarterly result really does highlight that this market isn’t falling off a cliff.

“It is seeing like in every other phase of very strong growth, it does have a down side and we are moving through that now, but it doesn’t meant there is going to be a collapse in dwelling values.’’