House prices fall in four capital cities as Sydney values drop nearly $50,000 this year

More than half of homes taken to auction not selling while median property price in Adelaide started to slide in June

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House prices are now falling in four capital cities with the Adelaide market beginning to slide in June, while Sydney values have dropped by $48,000 since the start of the year.

Data from Cotality, released on Wednesday, showed Sydney and Melbourne recorded their biggest one-month decline in values since August 2022, falling 1.2% and 1% respectively.