The price of property in most Australian capital cities has fallen over November, including Melbourne.
Across the board, property prices in all capital cities fell by 1.5 per cent, and Melbourne in fact recorded the sharpest drop of 3.5 per cent.
Prices haven’t dropped nationally since May and November is the biggest drop for a year and a half.
While prices did slide in November, they are still up 11.8 per cent in Melbourne over the whole year.
Property economists are still tipping Melbourne to soon be matching, if not exceeding, Sydney’s growth next year.
The best performing capital cities in November were Brisbane and Adelaide which recorded price rises around 0.6 per cent.
Perth arrested its recent property value slides by getting back in the black, recording a small rise of 0.3 per cent but it has still shed 4.1 per cent of its value for the whole year.
Commonwealth Bank economist Savanth Sebastian spoke about the recent cooling in property markets on Commonwealth’s MyWealth website.
“The concerted effort to cool investor demand or speculative home purchases is paying dividends,” he said.
“A mild correction in property prices – particularly in Sydney and Melbourne – is a good thing.”