Figures prove the house price plunge is STILL accelerating with the biggest fall in Melbourne - but one city is bucking the alarming trend
- The house price plunge is still accelerating, according to new ABS figures
- Melbourne and Sydney are the cities driving the drastic fall in property prices
- Young buyers could be at risk of losing out due to the reversal in the market
Australia's house price plunge is still accelerating and new figures have revealed the cities with the biggest market slumps.
Melbourne is currently the city driving the property price fall, with Sydney hot on its heels, according to data released by the Australian Bureau of Statistics (ABS) on Tuesday.
Figures showed a fall of 2.5 per cent for Melbourne, marking the third consecutive quarter of price decreases for the city.
Melbourne is currently the city driving the property price fall, with Sydney hot on its heels, according to data released by the Australian Bureau of Statistics (ABS) on Tuesday
Melbourne property prices have plunged by 7.6 per cent during the past year, with the city's upmarket inner-east seeing real estate values slump by 11.7 per cent.
According to the Bureau, prices in Sydney have also continued to drop by 1.9 per cent in the September quarter of 2018.
Hobart has the strongest property market, with the Tasmanian capital seeing an increase in prices of 1.3 per cent.
The figures showed the total value of Australia's 10.1 million residential dwellings decreased in value by $70.1 billion, down to $6.8 trillion.
The average price of a home in Australia now sits at $675,000.
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ABS chief economist Bruce Hockman said: 'Falls in Sydney and Melbourne are no longer confined to the more expensive properties, with declines now being observed in the middle and lower segments of the market.
'Factors including tightening credit availability and falling property prices are weighing on activity from both investors and owner occupiers.
'Results are in line with market indicators, with auction clearance rates and sales volumes falling and days on market trending higher.'
The house pricing plunge is still accelerating and new ABS figures have revealed the cities with the biggest market slumps - with Sydney (pictured) near the top of the list
The ABS findings have been released just one day after the Organisation for Economic Co-operation and Development (OECD) urged the Australian government to brace for a housing 'crisis situation' after Sydney's housing market plunged 9.5 per cent since peaking in July last year.
There is some good news, however, with positive sentiment for housing affordability hitting its highest point in a year.
This means whose who are looking to buy, particularly young people looking to enter the market, have a better chance of getting a foot in the door.
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