PHOTO: Brisbane has become the nation’s most stable housing market. Picture: Chris Higgins Source: News Corp Australia
The national housing market is mirroring a pattern last seen during the global financial crisis — with only one capital city defying the trend to record growth in prices.
Plummeting home prices in Sydney and Melbourne have dragged the Australian housing market into its biggest slump since the start of the global financial crisis.
Preliminary figures from CoreLogic’s Hedonic Home Value Index showed national property prices fell 0.9 per cent over the first 28 days of November.
This would push total falls for the year to an estimated 5.6 per cent — the largest national drop in prices since December 2008.
Sydney recorded the biggest price falls of all the country’s five major capitals, followed by Melbourne and Perth.
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