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PHOTO:\u00a0Auctioneer Vic Lorusso, left, at a property that failed to sell in Roseville, Sydney, last Sunday. Picture: Hollie Adams<\/strong><\/p>\n Australia\u2019s housing prices are being revised down day by day.<\/p>\n<\/div>\n The housing correction, like the five-year boom, is a Sydney and Melbourne phenomenon.<\/p>\n But it now seems to be spreading to other, so far resilient, capitals and to what had been the finally improving regional areas.<\/p>\n Yesterday, researcher Core\u00adLogic downgraded its outlook for the country\u2019s $7 trillion housing sector, saying the market was at its weakest point since the start of 2012. Sydney\u2019s housing prices have fallen 7.4 per cent during the past year, the worst 12-month \u00adresult since 1990 when the Hawke government was in power and \u00adinterest rates hit 17 per cent. Melbourne\u2019s housing values were down 4.7 per cent.<\/p>\n READ MORE VIA THE AUSTRALIAN<\/a><\/p>\n <\/p>\n