Sydney and Melbourne are recording one of their fastest property price slumps on record, with official figures showing the downturn is spreading to other cities around the nation.
Australian property values fell $133.1 billion in the December quarter, with capital city home prices down an average of 2.4 per cent across the nation.Sydney and Melbourne led the annual residential property price falls
Figures from the Bureau of Statistics show Sydney and Melbourne continued to lead the falls, with a 3.7 per cent and 2.4 per cent falls respectively.Adelaide and Hobart were the only two capital cities where prices rose in the last three months of last year. "The weakness in prices and likely concerns about further falls will continue to play on purchaser sentiment through 2019, with further price falls in Sydney and Melbourne expected."Mr Zigomanis recently completed an analysis of the recorded property downturns in Australia's capital cities.
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