| 01.03,19. 11:20 AM |
Property price downturn extending beyond Sydney and Melbourne
Photo: Tim Lawless says there are about 15 per cent less buyers in the market than there were previously. (ABC News: Ian Cutmore)
Australian home prices fell a further 0.7 per cent last month and are now down nearly 7 per cent from their peak, as the downturn extends beyond Sydney and Melbourne.
The latest February figures from CoreLogic show Darwin and Perth are once again leading the monthly declines in prices, slumping 1.7 and 1.5 per cent respectively.
Although Sydney and Melbourne have still suffered the worst fall over the past year, down 10.4 and 9.1 per cent respectively.
Even the Brisbane market, which did not experience the same steep run-up in prices as the other two big capitals on the east coast has seen prices fall over the month, quarter and past year, although the declines are modest.
Hobart was the only capital city to post an increase in prices last month, with a 0.8 per cent rise showing that its property boom has not completely run out of steam.
Prices in Canberra and Adelaide have been relatively flat over the past few months, and only modestly higher over the past year.
CoreLogic's head of research Tim Lawless said price falls are now extending well beyond the previously booming Sydney and Melbourne markets.
"Every market in Australia is losing steam," he told ABC News.
"We are seeing this downturn becoming quite widespread geographically.
"I think that's a real indicator that lending conditions are throwing quite a dampening blanket over the market entirely."