The two biggest cities, the ones that have had the boom markets, are past their peaks, notably Sydney.

Melbourne is gradually fading also, but is behind Sydney in the cycle and has more life left in its markets.

Indeed, our research for the Winter Edition of The Price Predictor Index finds that Melbourne still leads the capital cities on growth markets. It has 60 suburbs with rising sales activity, while Adelaide is challenging with 50 rising suburbs.

Brisbane, with 33, is still not showing the promise expected but should rise as 2017 progresses, boosted by growing levels of interstate migration, an improving state economy, a favorable affordability equation and rental yields that are higher than in Sydney and Melbourne.

Hobart, by some measures, is the hottest of our markets, with homes selling faster there than anywhere else. Hobart is the only capital city where rising markets outnumber consistent markets. Its status as the most affordable capital city and the one with highest rental yields is helping.

Canberra is rising too, underpinned by an improving ACT economy. It has the strongest rental growth in the nation and prices are beginning to react.

Our latest survey of sales activity confirms that Perth, after 3-4 tough years, is now past the worst of its downturn and showing definite signs of recovery.

Six months ago it had no growth markets but we have identified 12 suburbs with rising sales activity. The number of “danger markets” has dropped as well.

Meanwhile, Darwin is languishing as the weakest of the capital cities. It has yet to show the recovery signs seen in Perth.