Some relief for home buyers today, with Domain revealing Sydney's median house price recorded its second consecutive quarterly fall.
Sydney's median house price fell 1.5% to $995,804 during the March quarter, according to Domain's House Price Report.
The decline follows a 3.0% drop during the December quarter, making the March fall the first consecutive fall since June 2011.
"It's a hangover from the party of prices growth Sydney had over the past three years," said Dr Andrew Wilson, Chief Economist of Domain.
House prices remain up 6.9% for the year.
Domain's data confirms Corelogic RP Data, which recorded a median price of $805,000 at the end of March.
Apartment prices in the emerald city eased 0.7% to $656,166 during the March quarter.
Apartment median prices were down in every capital city, reflecting a record number of apartments being built in most cities.
House prices fell in most capital cities during the March quarter, except Melbourne, which recorded a rise of 1.2%, and Hobart, which saw house prices rise 4.3%. Despite the strong quarterly growth for Hobart, the city's median house price is only a fraction of Sydney's, at $360,212.
Wilson said weaker economic activity and uncertainty were dampening housing demand. But he said, "The prospect of weaker house price growth will be welcomed by prospective first home buyers still struggling to get into the market."