It's official: property prices on the slide: "House prices have been falling across Australia in the first three months of the year. Australian Property Monitors figures published yesterday showed the median Sydney house price slipped 7.5 per cent from $497,500 to $460,000 in the March quarter. In Melbourne, they slumped 12.9 per cent from $310,000 to $270,000.... Home unit prices dropped by 4.5 per cent in Sydney's central business district, from $430,000 to $410,000, and by 2.7 per cent in the metropolitan area as a whole. Corresponding falls in Melbourne were 7.5 per cent and 8.7 per cent.... "With prices escalating 30 per cent a year for the last few years, it was an unsustainable price cycle and you could see that in Sydney and Melbourne last year," [Dale] said."

It's official: property prices on the slide: "House prices have been falling across Australia in the first three months of the year. Australian Property Monitors figures published yesterday showed the median Sydney house price slipped 7.5 per cent from $497,500 to $460,000 in the March quarter. In Melbourne, they slumped 12.9 per cent from $310,000 to $270,000.... Home unit prices dropped by 4.5 per cent in Sydney's central business district, from $430,000 to $410,000, and by 2.7 per cent in the metropolitan area as a whole. Corresponding falls in Melbourne were 7.5 per cent and 8.7 per cent.... "With prices escalating 30 per cent a year for the last few years, it was an unsustainable price cycle and you could see that in Sydney and Melbourne last year," [Dale] said."