Property prices have fallen by almost 11% in Sydney over the past 12 months and by 10% in Melbourne, as falls in both major capital cities drive an overall downturn in the combined national market.
Dwelling prices in both cities have gone backwards by almost 4% in 2019 so far, according to the latest figures in CoreLogic's monthly Home Value Index.
The smaller markets of Darwin and Perth also continue to decline, down 5% and 3.3% respectively over the year to date.
Brisbane has posted monthly, quarterly and yearly falls, though smaller than the other east coast capitals, while growth in the Adelaide market remains flat to marginal.
Hobart and Canberra have been the only capitals to show any price growth over the past three months, although dwelling prices in the Apple Isle also fell by close to 1% over April.
Change in dwelling values for capital cities as of May 2019:
“The decline in national dwelling prices continues," said CommBank Senior Economist, Belinda Allen. "This is now the longest and largest fall in dwelling prices since 1980."
But despite the overall weakness in the capital markets, CoreLogic’s head of research, Tim Lawless, argued the rate of decline is slowing. “The current trend in the data implies that housing market conditions may have moved through the worst of the downturn,” he said.
Beyond the capitals, there are also regional pockets of decent growth. Property prices in the South East of Tasmania, for example, have gone up by 8.6% over the year, while the NSW Riverina posted annual growth of 6.4%.
Perth's ongoing price freefall means it's now the least expensive capital city for buying a house, with its median house price of $463,317 dropping just below Adelaide's. In Darwin, where apartment prices have fallen 13% over the past year, its median unit value of $284,193 is well below that of Adelaide's.
And despite Sydney's downturn, it remains by far the most expensive capital in which to buy either a house or apartment.