By Stephen Johnson For Daily Mail Australia
Published: 02:43 BST, 1 July 2019 | Updated: 05:37 BST, 1 July 2019
Sydney and Melbourne property prices have risen for the first time in two years following the Coalition's surprise election win and an interest rate cut.
Median house and unit values in Australia's biggest cities rose in June, marking the first monthly increase since peaking in 2017.
Real estate data group CoreLogic said Prime Minister Scott Morrison's May election win had buoyed the housing market, as voters rejected Labor's plan to scrap negative gearing tax breaks for existing properties from January 2020 and halve the capital gains tax discount to 25 per cent.
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Sydney and Melbourne property prices have risen for the first time in two years following the Coalition's surprise election win (pictured is Prime Minister Scott Morrison on May 18)
'Stability within the federal government, along with the removal of uncertainty surrounding changes to negative gearing and capital gains tax discounts, has brought about increased certainty and boosted confidence in the housing market,' the group's head of research Tim Lawless said.
In June, Sydney's median property price rose by 0.1 per cent, the first monthly increase since the market peaked in July 2017, after the Reserve Bank of Australia also cut interest rates to a new record low of 1.25 per cent.
Melbourne's equivalent value increased by 0.2 per cent, the first month-on-month rise since it peaked in