PHOTO: Sydney’s median house price has dropped back below the $1 million mark. ABC News: Michael Janda
Melbourne has overtaken Sydney as the nation’s worst-performing housing market, and suffered its first annual price drop in almost six years.
Property prices in Australia’s second-largest city fell last month (-0.9pc) and over the past quarter (-1.8pc) — versus Sydney’s slightly smaller drop in July (-0.6pc) and over the past three months (-1.1pc).
However, on a yearly basis, the result is different. Darwin remains the weakest annual performer, down 6.2 per cent.
This compares with Sydney (-5.4pc), Perth (-2.3pc) and Melbourne (-0.5pc) over the past year.
These are some of the results from property analysts CoreLogic that point to an accelerating housing downturn across the country.
READ MORE VIA ABC