By Stephen Johnson For Daily Mail Australia
Published: 04:06 BST, 1 October 2019 | Updated: 04:06 BST, 1 October 2019
Australian property prices have enjoyed the biggest surge in more than two years following a record slump.
Median values in Sydney and Melbourne rose by 1.9 per cent in September alone, rising for the fourth month in a row, real estate data group CoreLogic has revealed.
The increases in Australia's biggest cities helped the national market, with prices climbing by the steepest monthly pace since March 2017.
Australian property prices have enjoyed the biggest surge in more than two years following a record slump. Median values in Sydney rose by 1.9 per cent in September (pictured is a waterview house at Seaforth on the city's northern beaches)
CoreLogic's head of research Tim Lawless said real estate values were still yet to recover to the peaks of two years ago.
'Buyers still have some time to take advantage of improving housing affordability before values return to record highs,' he said.
To put that into perspective, Sydney's median house price of $900,017 is still 14 per cent or almost $150,000 below the peak of July 2017.
They are also still 5.1 per cent lower than where they were a year ago.
Sydney values bottomed in mid-2019, with prices falling by a record 17.4 per cent.
Melbourne's median house price of $729,052 is 12.4 per cent or $104,000 below the all-time high reached in November 2017, with prices down 5.9 per cent over the year.
Metropolitan Melbourne, however, no longer features on the CoreLogic list of Australia's 10 worst suburban housing markets.