Which cities saw capital growth of almost 50% through the pandemic?

While property prices have softened in the month since then, the price cycle remains 27 per cent higher across the combined capital cities, on average, than it did in the trough that occurred back in mid-2020.

In monetary terms, that’s gains of approximately $218,000 on the average home.

Across the regionals, the figure is even more pronounced, with a 32 per cent upswing being buffered by a downswing of just -1.3 per cent, leading to overall gains of 30.3 per cent.

Weighing in on the findings, Domain’s chief of research and economics, Dr Nicola Powell, said that “the past two years have been fascinating to watch in real estate”.

“After soaring price growth in 2021, it was inevitable that we would see an adjustment phase of the property cycle in 2022,” she said.

From her perspective, the sheer height of the upswing compared to the downturn “is a reminder that home owners or prospective buyers need to maintain an overall perspective”.

“History tells us that in the last 30 years, the duration and steepness of an upswing are longer and greater than a downturn, supporting the idea that it’s not timing the market, it’s the time spent in the market that counts,” she said.

So just how much have markets across Australia gained since 2020?

Combined capitals

Upswing: 33.6 per cent

Downturn: -4.9 per cent

Total overall gains compared to pandemic trough: 27 per cent

Combined regionals

Upswing: 32 per cent

Downturn: -1.3 per cent

Total overall gains compared to pandemic trough: 30.3 per cent

Sydney

Upswing: 40.2 per cent

Downturn: -8.3 per cent

Total overall gains compared to pandemic trough: 28.6 per cent

Melbourne

Upswing: 24.1 per cent

Downturn: -6 per cent

Total overall gains compared to pandemic trough: 16.7 per cent

Brisbane

Upswing: 42.1 per cent

Downturn: -4.3 per cent

Total overall gains compared to pandemic trough: 36.1 per cent

Adelaide

Upswing: 46.9 per cent

Downturn: 0 per cent

Total overall gains compared to pandemic trough: 46.9 per cent

Perth

Upswing: 23.8 per cent

Downturn: -1.5 per cent

Total overall gains compared to pandemic trough: 21.9 per cent

Canberra

Upswing: 50.3 per cent

Downturn: -6 per cent

Total overall gains compared to pandemic trough: 41.2 per cent

Darwin

Upswing: 41.2 per cent

Downturn: -8.1 per cent

Total overall gains compared to pandemic trough: 29.8 per cent

Hobart

Upswing: 52.2 per cent

Downturn: -3.3 per cent

Total overall gains compared to pandemic trough: 47.2 per cent