House prices in Sydney and Melbourne could climb as much as 13 per cent this year, as the Reserve Bank slices interest rates ever lower in a bid to drive down unemployment and lift wages growth.

The median house price in Melbourne could push beyond $800,000, while the median price in Sydney could exceed $1 million.

Economists are tipping price rises of up to 13 per cent in Melbourne and 12 per cent in Sydney on the back of lower interest rates this year. Credit:Nick Moir

Ahead of new figures expected to show another rise in house values across the country through January, members of a 21-strong panel of the nation's top economists surveyed as part of the annual Scope survey believe prices are going to continue climbing.

After falling sharply through the first few months of 2019, house values jumped through the second half of the year on the back of the federal election result and deep cuts in official interest rates.