PHOTO: Sydney housing prices are falling faster than they have at any time since 1990, pulling the rest of the Australian property market into negative territory despite growth in smaller cities. Photograph: Joel Carrett/AAP
Research finds Melbourne also dropping steeply as economists warn falls could derail wider economy
Sydney house prices have seen their biggest annual fall for nearly 30 years as the city dragged Australia’s average property values down sharply over the past 12 months.
The national figure fell half a per cent in October, taking the annual drop down to 3.5%, according to figures released by CoreLogic on Thursday, prompting warnings from economists that the market has further to fall and could derail the wider economy.
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