Australian Property Monitors data has shown a 0.6% fall in national median house prices for the quarter, along with a 0.8% fall for unit prices. The decline adds to a year-on-year fall of 2.4% for houses and 2% for units.
Across capital cities, Sydney escaped house price decline by posting a modest 0.1% rise. Melbourne house prices also staved off drops, remaining steady for the quarter. However, unit prices in both cities declined, falling 0.9% in Sydney and 2.1% in Melbourne.
In spite of the stunted result, APM senior economist Andrew Wilson predicted that life could soon return to the property market.
"The prospect remains ... of increased buyer activity emerging through the spring selling season," he said. "Early signs are emerging of increased first home buyer and investor activity in most markets, albeit from a low base. That will help to encourage market activity and confidence."