House prices down for first time in six years

House prices across Australia have fallen for the first time in six years. A quarterly report by the property-classifieds group Domain shows some property values in Sydney, for example, have fallen by more than 10 per cent in the past year. But for many looking to break into the property market, it still may not be affordable.

For many looking to break into the property market, it still may not be affordable. Source: AAP

Lara McCool is a 28-year-old Sydney woman, looking to break into the property market with her husband.

 

She says it has proven to be difficult and they have been searching for more than two years.

 

Ms McCool says, in the meantime, they are taking the option so many other young couples are forced to take.

 

But in a sign of hope for some looking at various housing options, Domain property analyst Nicola Powell says the fall in prices goes beyond houses. Dr Powell says the signs are widespread.

 

The fall in house prices over the year in Sydney, for example, is the largest since the global financial crisis a decade ago, at 4.5 per cent.

 

The median apartment price dropped 3.5 per cent, its biggest annual decline since 2006.

 

Bessie Hassan, a money analyst at finder.com.au, predicts Sydney money may now turn to other cities.