PHOTO: Auction clearance rates have been high in both Sydney and Melbourne. Photo: Stephen McKenzie

Buyers are at risk of snapping back into boom-time behaviour across Sydney and Melbourne’s ascendant property markets, economists warn, with forecasters caught by surprise at the pace of the rebound.

Prices could be back to their peaks by early next year, recovering about two years of declines in less than 12 months.

Both cities recorded a jump in median house prices of about 5 per cent in the two quarters since the market turned in March, on Domain figures.

Their meteoric rise was aided by the re-election of the federal Coalition government, the Reserve Bank cutting rates to historic lows and the bank regulator easing credit standards.