Melbourne property prices grew an eye watering 334.8 per cent over the 20 years to January 2018, as new data from CoreLogic reveals the long-term cyclical nature of Australian property markets.

Over the last five years, Sydney prices, grew the most strongly, rising 64.4 per cent.

Source: CoreLogic.

The CoreLogic analysis of previous five-year periods reveals a number of interesting trends. In the five years to January 2013, the strongest property markets were Darwin and regional NT.

Source: CoreLogic.

In the five years prior to that, the five years to January 2008, the strongest markets were Perth and regional Western Australia.

Source: CoreLogic.

The data reminds us that the weakness in the Western Australian and Northern Territory markets over the last five year has followed periods of nation-beating growth.

"With values now starting to decline in many regions it is reasonable to expect that, like the five year period to January 2008 these markets [Sydney and Melbourne], may underperform the national and capital city benchmarks," says Kusher.

“In fact when we consider values are 231 per cent higher over the past 20 years nationally and Sydney (239 per cent) and Melbourne (335 per cent) have recorded value rises in excess of this benchmark, a softer period of growth going forward should be seen as both reasonable and a healthy development for these markets.”

Read more about property prices:

Property prices down across Australia: REIA

Regional property markets outpacing capital cities: CoreLogic

Where is Australia's best performing property market? Outer Melbourne's Wyndham, says CoreLogic