Breaking: The national property market has suffered its biggest annual fall since the global financial crisis, clearing the way for a rate cut | swrighteconomy
The national property market is enduring its biggest fall in values since the global financial crisis, being led down by double-digit drops in Sydney and Melbourne.
In Melbourne, dwelling values dropped by 2.6 per cent to be 10 per cent down over the past 12 months. They have fallen by 10.9 per cent since their peak.National dwelling values were down by 0.5 per cent in the month to be down by 7.2 per cent on an annual basis, the largest drop since the 12 months to February 2009.
CoreLogic research director Tim Lawless said despite the fall there were signs that the bottom of the market had been reached.
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