Sydney has now seen values fall by 1.3 percent from the market peak and the rate of decline has gathered pace each of the past three months
Over the past month values have fallen by 0.7 percent which is their largest monthly fall since February 2016, while values are 1.3 percent lower over the past three months.
Values have increased by five percent over the past year which is less than half the rate of growth recorded two months ago.
The decline in dwelling values is anticipated to continue over the coming months.
The driving factors behind the downturn remains stretched affordability, tighter credit policies for investors who have been a key driver of demand, an increasing outflow of residents from Sydney to other parts of the country, and a heightened volume of stock available for sale.
Despite these factors, ongoing low mortgage, rates strong overseas migration and a strong economy are expected to provide a floor against any substantial falls in values.
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MELBOURNE PROPERTY MARKET UPDATE [VIDEO] | DECEMBER 2017
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