House values across Perth dropped by 0.8 per cent last month, new figures show, but there are positive signs across the national property market.

RP Data-Rismark reported this morning that overall dwelling values in Perth dropped by 0.5 per cent through July to be down by 1.3 per cent so far this year.

The 0.8 per cent drop in house values accounts for much of the 1.7 per cent fall in values across the city since the start of 2012.

The values of units improved by 2.7 per cent last month to stand 4.3 per cent higher through the year.

Nationally, dwelling values lifted by 0.6 per cent to follow on from a one per cent in June.

RP research director Tim Lawless said the overall result was driven by Sydney and Melbourne were dwelling values improved by 1.2 per cent and 1.4 per cent respectively.

However, he said with the June and July results combined there were signs the cuts in mortgage interest rates were starting to underpin the market.

"Auction clearance rates were recorded at 56.6 per cent over the last week of July, the highest clearance rates since February last year," he said.

"We are also seeing average selling time and vendor discounting both at healthier levels than what was recorded a year ago and effective supply levels have also seen some improvement from their highs of late last year."

For the past 12 months, dwelling values in Perth are down by 0.8 per cent, with houses down by 0.5 per cent.

All capitals bar Darwin have experienced a fall in dwelling values through the past 12 months, with the biggest fall in Hobart of 5.9 per cent.

The West Australian

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