Property enjoyed strong recovery in late 2019

The national median property price fell 6.9% in the 12 months prior to 30 June 2019, according to CoreLogic.

However, it rose 2.3% in 2019, thanks in large part to interest rate cuts in June, July and October.

Australia’s two biggest cities were mainly responsible for the big turnaround in the second half of 2019.

Sydney’s median price fell 9.9% in the year to 30 June, but rose 5.3% in the year to 31 December. Meanwhile, Melbourne fell 9.2% and rose 5.3% in the same period.

The Hobart and Canberra property markets are currently at record levels in terms of prices. However, the other six capitals are below their peaks:

• Brisbane = 0.1% lower
• Adelaide = 0.2% lower
• Melbourne = 2.3% lower
• Sydney = 6.4% lower
• Perth = 21.4% lower
• Darwin = 31.8% lower