Both cities hit 'spectacular' highs during COVID-19 and have now seen a rapid and steep price decline.
In Sydney, prices dropped nearly 14 per cent, but it was not yet record-breaking in the capital, Mr Lawless said.
"So Sydney is not quite at a record level of decline, but it's probably a matter of time considering we're still seeing values falling at around 1 per cent month-on-month in that market."Recent home owners may find their property is worth less now than what they paid, but Mr Lawless said it's unlikely many would go into negative equity.
"We're still seeing Brisbane housing prices about 28 per cent above what they were before the pandemic."
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