PHOTO: Home Price Index

Latest property data says the worst may be behind us, but the news isn’t so good for these Australian capital cities.

The property market is at a shifting point with Sydney and Melbourne prices edging to the bottom of the cycle while the outperforming markets are beginning to plateau, new data reveals.

The country’s two major capitals were expected to weaken for another few months but voters slamming the door on Bill Shorten’s proposal to change negative gearing and capital gains concessions may have brought that recovery forward.

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This, combined with the Australian Prudential Regulation Authority easing access to finance will stimulate the sector, chief economist Nerida Conisbee said.