Since reporting its fifth consecutive monthly rise and its highest monthly leap in more than 16 years, the national property index tipped into positive territory in the final month of the year.

Values in Sydney and Melbourne continue to lead the upturn, with prices rising by 2.7% and 2.2% respectively in November, shaking off the decline in property prices until the federal election in May.

Hobart jumped 2.3%, followed by Canberra’s 1.6% increase, while Brisbane, Adelaide and Perth added between 0.8% and 0.4% over the month.

The 1.7% rise in the national index over the month was sufficient to raise its annual figures to a gain of 0.1%, with Corelogic Research Head Tim Lawless attributing the improvement to a number of positive market factors.

“The synergy of a 75 basis points rate cut from the Reserve Bank, a loosening in loan serviceability policy from APRA, and the removal of uncertainty around taxation reform following the federal election outcome are central to this recovery,” he said.

“Additionally, we’re seeing advertised stock levels persistently low, creating a sense of urgency in the market as buyer demand picks up.

“There’s also the prospect that interest rates are likely to fall further over the coming months and an improvement in housing affordability following the recent downturn are other factors supporting a lift in values.”

The increase in values spread across the country, but the increase was concentrated on premium markets