The RBA's decision to cut rates on Melbourne Cup day resulted in an immediate impact on house prices with properties in Australia's capital cities recording their first price rise of the year in November.

The new figures were released in RP Data-Rismark's Home Value Index for November and boost hope that home buyers are reacting positively to the Reserve Bank's change in direction on interest rates.

Yellow Brick Road's Mark Bouris said there is reason to be optimistic in the first few months of this year.

"The rise in Australian capital city house prices is proof that the RBA’s rate cuts have had a real impact on immediate market recovery," Bouris said. "We believe today’s data is just the tip of the iceberg when it comes to positive house price movement heading into 2012 and it looks like for the first time in a long time, Australian home owners are taking back the market."