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Australia’s property downturn has again picked up pace, but Melbourne is the only capital city getting close to erasing the entirety of its pandemic upswing.
Home prices fell another 1.1 percent in December, CoreLogic data shows, amounting to a 5.3 percent total decline in 12 months.
The notable drop follows a few months of more moderate falls in September and November.
The annual decline is the fastest since the global financial crisis when home values fell 6.4 percent in 2008.
While rising interest rates are driving a sharp correction in the housing market, home prices overall are still well above pre-COVID levels.
Dwelling values are still up 11.7 percent across the combined capitals and 32.2 percent across regional markets compared to March 2020....