PHOTO: With residential property now well into its downturn, are the prospects for commercial property better?

Residential markets across Australia are well into a downswing.

Sydney dwellings are leading the decline, sitting 7 per cent below the peak median sale price in June last year. Melbourne dwellings have followed, with median prices down 5.2 since the market peak in December.

Domain forecasts slow growth in the Australian property market for 2019,before seeing a modest rebound in 2020. The median sale price in Australian houses is expected to increase just 1 per cent next year, while units may see an increase of just 2 per cent.