House prices keep falling, ahead of federal election and banking inquiry report

PHOTO: The median property value fell in every capital city last month, except Canberra. ABC News: Liz Pickering

Australian property prices have fallen at an even faster rate in the new year, dropping an average of 1 per cent last month nationally.

Key points:

Sydney (-9.7pc) and Melbourne (-8.3pc) property markets fell the most in the last year
Hobart prices (+7.4pc) had the biggest price rise in 2018
Darwin’s median price was lowest ($412,940), while Sydney was the priciest ($795,509)

Since peaking in October 2017, the nation’s property prices have fallen 6.1 per cent, with the median price now sitting at $528,553, according to property analyst CoreLogic’s most recent figures.

The current downturn is now worse than the peak-to-trough decline of the global financial crisis (GFC) a decade ago — during which national prices fell about 5 per cent.

UBS economist George Tharenou has gone as far as calling it the “equal worst in 36 years [since] around the 1982/3 recession”.