Sydney house prices have eroded nearly 10 per cent in a year and are on track for their worst 12 months on record as the national property market slumps to its weakest since the global financial crisis a decade ago.
While values across Tasmania surged by their most for a year, the mainland price slide continued apace.
CoreLogic data released Monday showed national dwelling values fell by another 0.7 per cent for November, weighed down again by the nation's two biggest markets.
Sydney's drop was double the national average, and Melbourne values fell 1.0 per cent.
Since peaking in July 2017, Sydney's housing market has dropped 9.5 per cent and is on track to eclipse the previous peak-to-trough decline set during the last recession.
Sydney values fell 9.6 per cent between 1989 and 1991.
Melbourne dwelling values peaked four months later than Sydney, in November 2017, and have since fallen by 5.8 per cent through to the end of November 2018.
Corelogic head of research Tim Lawless said tighter finance was more pronounced across the investor segment of the market, with Sydney and Melbourne recording much higher concentrations of investor demand in recent years.
"The ramp up in housing supply has been more pronounced in these markets against a backdrop of slowing demand, and Sydney and Melbourne have also been more affected by the reduction in foreign buying activity," Mr Lawless said.
Hobart dwelling values are up by 9.3 per cent for the the past 12 months - by far the strongest conditions across any of the capital cities - while Launceston and Tasmania's north east rose 12.1 per cent, the south east region jumped 11.2 per cent, and Burnie and the north west climbed 9.1 per cent.
"Strong growth in these areas is starting to erode the affordability advantages of these markets, although lifestyle factors are also a strong driver of demand in many of these locations," Mr Lawless said.
Canberra property values are up 4.1 per cent over the past 12 months, while the western suburbs in Brisbane have risen 3.5 per cent, and Adelaide's west rose 3.4 per cent.
Geelong house values were up 9.6 per cent for the year.
