Adelaide’s home values surpassed Melbourne’s for the first time on record in August after climbing by 1.4 per cent over the month to $790,789, making it the fourth most expensive market in the country behind Sydney, Brisbane and Canberra, data from CoreLogic shows.

Perth’s median dwelling value also pulled ahead of Melbourne for the first time since 2015 after clocking up another 2 per cent gain to $785,250, which is now fifth-highest of all the capital cities.