Perth and Darwin prices dip further, and Sydney sees 11.5 percent annual house decline

CoreLogic's February Home Value Index was released today, and it's further bad reading for a majority of capital cities.

Seven of the eight capitals saw house prices slide over the month. The national median house price value slipped 0.9%.

It was only spared further declines by Hobart, the only capital not to see a price decrease. Their median house price jumped 0.9 percent in February to $489,000.

Perth and Darwin housing markets were the biggest hit over the month. They saw declines of 1.4% and 1.3%. 

Sydney and Melbourne continued their steep decline, with another 1.1% and 1.2% taken off their median house price values.

Sydney's median house price value now sits below $900,000, having seen the median value drop another $14,000 from January. Melbourne dropped $11,000 over the month.

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Source: CoreLogic

Compared to this time last year, Sydney's median house price value is over $160,000 lower, while Melbourne's has dropped by $105,000.

Since the October 2017 peak Sydney is closer to $200,000 cheaper, and are now 11.5% down annually. Last month both capital city markets were approaching 11% declines (Melbourne 10.6%, Sydney 10.9%).

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Source: CoreLogic

It's another decline above 1% for both the major capital city markets, the fourth straight month in a row.

Housing markets Adelaide, Canberra and Brisbane only saw small declines.