News AU reports House Prices Drop in Sydney, as Melbourne Prices Stall.
Tumbling house prices in Sydney and Melbourne are the main drivers behind the first annual drop in national property prices in six years, a new report shows. The national median house price fell 1.0 per cent over the June quarter and year, according to a report by property classifieds group Domain released on Thursday.
It is the first time values have fallen on an annual basis since June 2012.
The negative national growth rate reflects weakening house prices in Sydney and Melbourne, which together represent about two thirds of Australia's housing market by value.
Sydney house prices fell by 4.5 per cent in the 12 months to the end of June for their largest annual drop since 2008. Sydney units also fell by 3.5 per cent over the same period.