Property values across Sydney and Melbourne have lifted for the first time since 2017 amid signs the re-election of the Morrison government and cuts to official interest rates have boosted confidence in the housing sector.

But the turnaround in the nation's two largest property markets has yet to spread to the rest of the country with the CoreLogic measure of values showing sharp falls in Brisbane, Adelaide, Perth and Canberra.

Nationally, property values dipped by 0.2 per cent in June to be down by 1 per cent over the past quarter and by 6.9 per cent over the past year.

Property values in Sydney and Melbourne lifted in June, the first increase since 2017. Credit:AFR

In Sydney, values lifted by 0.1 per cent, the first increase since June 2017.