Australian home price slide worsens, Melbourne leads real estate fall

PHOTO: Melbourne has overtaken Sydney as the nation's weakest capital city housing market. (ABC News: Darryl Torpy)PHOTO: Melbourne has overtaken Sydney as the nation's weakest capital city housing market. (ABC News: Darryl Torpy)

Australia’s housing downturn is getting worse, with the more expensive end of the market in Melbourne and Sydney leading the declines.

CoreLogic’s monthly home price index shows a national capital city price fall of 0.4 per cent during August, with prices down 1.2 per cent over the past three months and nearly 3 per cent over the past year.

Melbourne is now leading the declines, with a 2 per cent fall over the past three months, although Sydney’s 5.6 per cent annual decline is still the worst over the past year… Read more