Home prices recorded their 17th consecutive month of price falls in March, but the rate of decline could be easing even as it spreads.
Figures tallied up by CoreLogic showed a 0.6 per cent decline in property prices across the country in March, with Sydney recording a 0.9 per cent drop and Melbourne falling 0.8 per cent as Brisbane and Darwin shed 0.6 per cent.
The March drop in average Australian home prices was the smallest of the month-on-month declines since October.
"While the pace of falls has slowed in March, the scope of the downturn has become more geographically widespread," CoreLogic analyst Tim Lawless said.
Of the 46 capital city sub-regions monitored by the real estate analysis company only seven areas were able to avoid annual falls - a dramatic shift from the 30 areas holding up in positive territory at the same time last year.
Canberra recorded no change in home values in March, while prices increased 0.6 per cent in Hobart.
The data released on Monday also highlighted that rents dropped across Australia's capital cities over 12 months - down 0.1 per cent - for the first time since Corelogic started tracking the metric in May 2005, with average Sydney rental prices falling 3.1 per cent over the year.
"Sluggish rental conditions are likely the result of higher rental supply coupled with a reduction in rental demand," Mr Lawless said.
CORELOGIC HOME VALUES:
Sydney: Down 0.9% in March, down 3.2% in past three months
Melbourne: Down 0.8% in March, down 3.4% in past three months
Brisbane: Down 0.6% in March, down 1.1% in past three months
Adelaide: Down 0.2% in March, down 0.5% in past three months
Perth: Down 0.4% in March, down 2.9% in past three months
Hobart: Up 0.6% in March, up 1.2% in past three months
Darwin: Down 0.6% in March, down 3.9% in past three months
National: Down 0.6% in March, down 2.3% in past three months.
