"Across the five biggest state capitals, the national index has fallen 1.3 per cent in August and is off more than 4 per cent from its recent highs. At this rate, Australian capital city house prices will have lost more than 7 per cent by year’s end.
Based on the last quarter of daily data, Sydney’s housing is falling at an annual 19.3 per cent pace, and Melbourne’s by 12.8 per cent. Nationally, dwelling values are melting at a 12.2 per cent annual pace. This reconciles with on-the-ground anecdotes and puts the market on track for the biggest correction in more than 30 years (the record in this time frame is the 10-11 per cent drawdown in 2017-2019)."
