Australian Capital city house prices have declined by the sharpest rate in more than three years, inflicting further pain on home owners faced with 12-year high interest rates.
The Australian Bureau of Statistics house price index - which calculates the average for the country's eight capitals - fell 0.3 per cent in the June quarter.
This left the annual rate at its slowest pace in two years at 8.2 per cent, compared with 13.2 per cent growth in year to March.
Economists had expected a fall of 1.0 per cent for the June quarter.
The report adds to a slew of other data showing the economy is slowing sharply, raising speculation the Reserve Bank of Australia (RBA) will cut interest rates before the end of the year.
The RBA holds its monthly board meeting tomorrow, but economists expect it to keep its key cash rate unchanged for a fifth straight month.
Perth suffered the biggest drop in house prices, falling 2.4 per cent in the June quarter, and are now dropping at an annual rate of 0.9 per cent. Hobart reported a 2.0 per cent decline and Canberra 1.4 per cent fall. Darwin saw the biggest increase with a rise of 1.9 per cent, while the country's largest housing market - Sydney - rose 0.3 per cent.
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