Tighter credit puts squeeze on property in the big two cities, with NSW capital down 4.5%

Tumbling house prices in Sydney and Melbourne are the main drivers behind the first annual drop in national property prices in six years, a new report shows.

The national median house price fell 1.0% over the June quarter and year, according to a report by the property classifieds group Domain on Thursday. It is the first time values have fallen on an annual basis since June 2012.

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Read More Sydney and Melbourne drag house prices to first annual fall for six years

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