Home prices have kicked off 2015 with further steep rises, led by Melbourne, Sydney and Hobart.

 CoreLogic RP Data's home price index shows the average of the capital cities was a rise of 1.3 per cent last month, 1.9 per cent over the three months to the end of January and 8 per cent over the past year.

The annual gain was again led by Sydney's 13 per cent rise, which was the only city with an annual gain above the average.

However, it was Melbourne which led the January gains, rising 2.7 per cent, versus a 1.4 per cent gain in Sydney and 1.6 per cent increase in Hobart.

News source: ABC news http://www.abc.net.au/news/2015-02-02/home-price-gains-continue-in-2015/6061510