Home prices fell in the March quarter for the first time in three and a half years, and the property market is tipped to cool further in coming quarters.
Australian capital city home prices have been dented by a first quarterly fall in three and a half years, and there's more on the way.
Residential prices dropped 0.2 per cent in the March quarter, the first fall since the September quarter 2012.
Falls in apartments, led by Melbourne, Perth and Canberra, drove weakness.
CAPITAL CITY HOME PRICES
* Sydney - down 0.7pct in Mar qtr, up 9.7pct in the year
* Melbourne - up 0.8pct and 9.8pct
* Brisbane - up 0.3pct and 4.1pct
* Canberra - up 0.4pct and 4.6pct
* Adelaide - up 0.5pct and 3.1pct
* Hobart - up 1.1pct and 4.2pct
* Darwin - down 2.0pct and down 4.9pct
* Perth - down 1.7pct and down 4.5pct
(Source: Australian Bureau of Statistics)
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