Australian property prices remain well above 2020 levels despite some recent softening in the market.

According to Domain’s End of Year Wrap, house prices across the combined capitals have fallen 4.9% from their peak in March 2022 but are still 27% higher than mid-2020.

The combined regions have performed even better, remaining 30% higher during the same period.

Domain chief of research and economics Nicola Powell says it is inevitable there would be some adjustment to prices in 2022 but it hasn’t resulted in massive price drops.

On a capital city basis, Hobart and Adelaide prices are still 47% higher, Canberra is 41% higher and Brisbane 36%.

Darwin is 30% higher, Perth 22%, Sydney 29% and Melbourne 17%.

“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,” Powell says.