Property Analyst Residex, has reported just over 1/3 of residential properties in Melbourne and Sydney has taken a dive, while over in Perth the number is closer to half.
Some 34 per cent of Sydney homes declined in value, Melbourne 35 per cent and Perth 55 per cent.
Outside of Adelaide, the medium house price fell in all major cities.
» Rate rises hurt house prices: analyst – The Sydney Morning Herald, March 14th 2008.