Comments 88 .Australia?s capital cities saw near across-the-board price declines thanks to interest rate rises and declining confidence.
Australia?s property market is stumbling in the face of rising interest rates and weakening consumer confidence, with house prices dropping in almost every capital city in December.
The near across-the-board decline caused the national median house value to fall 1.1 per cent to $444,000, according to the latest figures from analysts Residex.
It marks the worst performance for the market since the global financial crisis, when Australian house values dropped 1.15 per cent in January 2009.
The data has tracked a fall in house values in every capital city, except for Brisbane:
