Property prices have shown just how resilient they are, bouncing back 8.1% nationally over the past 12 months.
In December, prices closed the year strongly with values up 0.4% for the month according to CoreLogic.
The smaller capital cities have been the best performers. Dwelling values have been rising at more than 1% each month on average across Perth, Adelaide and Brisbane since May, while in Melbourne and Sydney, the pace of growth has slowed sharply since the June rate hike.
Melbourne values declined through November and December while Sydney home values are stabilising with a monthly growth rate of just 0.2% in the final two months of the year.
Meanwhile, Hobart (-0.8%) and Darwin (-0.1%) recorded an annual decline in values in 2023 and the ACT saw an increase of just 0.5%.
