Property price downturn extending beyond Sydney and Melbourne

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Property price downturn extending beyond Sydney and Melbourne

Australian home prices fell a further 0.7 per cent last month and are now down nearly 7 per cent from their peak, as the downturn extends beyond Sydney and Melbourne. Sydney and Melbourne have still suffered the worst fall over the past year, down 10.4 and 9.1 per cent respectively.

Even the Brisbane market, which did not experience the same steep run-up in prices as the other two big capitals on the east coast, has seen prices fall over the month, quarter and past year, although the declines are modest.

Hobart was the only capital city to post an increase in prices last month, with a 0.8 per cent rise showing that its property boom has not completely run out of steam, although its 7.2 per cent annual increase is slower than its recent peak growth rate.

Prices in Canberra and Adelaide have been relatively flat over the past few months, and only modestly higher over the past year.

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