The housing market downturn looks to be well and truly behind us with new data showing strong property price rebounds in both Sydney and Melbourne.

Data from CoreLogic has shown property prices in the two capital cities tracking higher for four consecutive months.

There has been a solid bounce back in both of these cities with Sydney prices up 3.5 per cent for the September quarter, and Melbourne up 3.4 per cent in the same period.

Sydney and Melbourne are leading the nation’s recovery, which is up a cumulative 1.7 per cent since the market found its floor in May 2019.

There were mixed results in the other capital cities for the September quarter, with Brisbane (+0.5 pc), Canberra (+1.4 pc), and Hobart (+0.4 pc), the only other capitals to see dwelling prices go up during that time.

What’s pushing up prices?

The nation’s rising property prices are largely being credited to lower interest rates, an improvement in housing affordability and an easing on lending conditions.

Sydney and Melbourne are seeing particularly strong gains, which may be due to higher population and job growth in these regions, as well as higher investor interest.

Gold Coast Benefits

Given the high proportions of interstate buyers that relocate to the Gold Coast, this price improvement in Sydney and Melbourne should provide increased activity locally.