Australian suburbs in Liberal electorates have seen the steepest decline in house prices, a new report has revealed.
Figures obtained by real estate group Domain show a majority of affluent districts in the country's eastern coast have been experiencing the worst of the country's crisis.
A list of 20 districts with the highest declines show nine of the affected areas are in Victoria and 11 in New South Wales.
Plunging house prices appear to be more common in Liberal districts, however the largely Labor-held division of Macnamara, in Melbourne's south, tops the list after seeing a 29.4 per cent dive in the past year.
Nine electorate districts in Victoria, including Macnamara, Melbourne and Goldstein, have seen a steep decline in house prices in the past year. Pictured above are residential homes in Mooney Valley
The largely Labor-held division of Macnamara, in Melbourne's south, tops the list after seeing a 29.4 per cent dive in the past year. The division, a wealthy, inner-city electorate represents most of what used to be called Melbourne Ports before it was renamed in 2018, and includes Albert Park, Caulfield, South Melbourne and St Kilda
Macnamara, a wealthy, inner-city electorate represents most of what used to be called Melbourne Ports before it was renamed in 2018, and includes Albert Park, Caulfield, South Melbourne and St Kilda.
The median house price in the area is $1,200,000 and residents earn an average $1,866 a week - well above the national average.
Chisholm, a Liberal-held district which includes Melbourne eastern suburbs such as Burwood and Blackwood, comes in second place with a drop of 19.6 per cent.
Kooyong, in the city's inner-east, and Higgins, which includes south-eastern suburbs, both saw house prices fall by an even 19
