Australian house prices have dropped 7.9 per cent over the past 12 months to February, the largest annual decline on record.
Across the country Hobart tumbled 11.8 per cent, Brisbane dropped 6.8 per cent, Canberra fell 6.7 per cent, Adelaide dived 5.1 per cent, Darwin dipped 2.9 per cent, while Perth had the smallest margin, down just 2.4 per cent.
However it is uncertain whether that trend will continue into March and beyond amid further interest rate rises. CoreLogic said the combined value of residential real estate rose to $9.3 trillion at the end of February, from $9.2 trillion in the previous month, but was well below the peak of $10 trillion in April last year.
The report estimated that in the 12 months to February, sales dropped 21.2 per cent nationally to 486,620.
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