Australian house prices dragged down 2.7% by Sydney and Melbourne

Prices have now fallen for 12 consecutive months since their peak last September

Weaker house prices in Sydney and Melbourne have continued to drag down the national market, with a 0.5% drop in September marking 12 months of consistently falling prices.

Property consultant CoreLogic’s national hedonic home value index showed a broadening of the housing market correction, with national values down 2.7% since peaking 12 months ago, and regional markets also slowing.

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