By Stephen Johnson For Daily Mail Australia
Published: 03:28 GMT, 19 March 2019 | Updated: 03:28 GMT, 19 March 2019
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House prices across Australia are plunging at a faster pace than they did during the height of the global financial crisis a decade ago.
In 2018, capital city property prices dived by 5.1 per cent, Australian Bureau of Statistics data showed.
This was much steeper the 3.3 per cent drop during 2008, at the height of the GFC.
House prices across Australia are plunging at a faster pace than they did during the height of the global financial crisis a decade ago (Sydney pictured)
ABS chief economist Bruce Hockman said Sydney and Melbourne had weighed down the national housing market, after peaking in 2017.
'Australia's two largest cities continue to lead the fall in property prices,' he said.
Sydney was Australia's worst performing real estate market with values last year plunging by 7.8 per cent.
Melbourne was also in dire straits, with equivalent house values dropping by 6.4 per cent.
In 2018, capital city property prices dived by 5.1 per cent, Australian Bureau of Statistics data showed. This was much
