Australia's biggest property markets are still in free fall - with prices in one major city falling by more than 10 per cent in one year.
Despite record low interest rates, median house prices fell in every capital city during the March quarter, Australian Bureau of Statistics data released on Tuesday showed.
In the year to March, real estate values fell in six of Australia's eight capital cities.
Melbourne is now Australia's worst performing major city with values plunging by 10.3 per cent in the year to March, with prices sinking to $655,000 (pictured is Flinders Street Station in Melbourne)
Australia's biggest property markets are still in free fall with prices in one major city falling by more than 10 per cent in one year
Melbourne is now Australia's worst performing major city with values plunging by 10.3 per cent in the year to March, with prices sinking to $655,000.
In Sydney, median house prices dropped by 7.4 per cent to $847,000.
Weaker property prices in Sydney have also caused stamp duty revenue in New South Wales to plunge by 17 per cent, newly released Budget papers showed.
The number of Sydney real estate sales, during the March quarter, was the weakest since records on this were first kept in March 2002.
Sydney and Melbourne were far from Australia's only struggling cities with prices falling by 4.2 per cent in Darwin, to hit $472,500, as median values dropped by an annual pace of 2.7 per cent in Perth to reach $490,000.
Hobart was, by far, the nation's best performing housing market with prices climbing by 4.6 per cent in the year to March to $465,200.
Weaker property prices in Sydney (pictured) have also caused stamp duty revenue in New South Wales to plunge by 17 per cent, newly released Budget papers
