Australian home prices are now lower than they were a year ago. According to CoreLogic, prices across Australia’s five mainland state capitals fell by 0.1% over the past year in average weighted terms, a result largely reflecting outright declines in Sydney and a sharp slowdown in Melbourne. In Sydney, the median dwelling price slid 3% over the year. Along with a 2.5% decline in Perth over the same period, that managed to offset modest price gains in each of the other mainland state capitals. Prices in Melbourne increased by 4.3%, well below the double-digit annual percentage growth rates seen just a year ago. As ... (full story)