Figures from the Australian Bureau of Statistics (ABS) show that the decline in the Australian property market is worsening, and the total value of houses nationwide has lost 1331 billion yuan in just three months.

Data released by the Bureau of Statistics today shows that Australia's housing prices are falling faster than during the global financial crisis, and housing prices are falling outside the two major markets of Sydney and Melbourne.

House prices in capital cities fell 12% in the December quarter, and a total of 2.4% in 2018.

In contrast, during the 2009 global financial crisis, national house prices fell 4.6%.

Sydney house prices fell 12% during the three months to the end of December, and have fallen for the sixth consecutive quarter, with an annual decline of 3.7%.

Melbourne house prices fell 12% in the December quarter last year, and fell 2.4% for the year.

The chief economist of the Bureau of Statistics (Bruce Hockman) said that the decline in house prices in the country's two largest cities is due to a number of reasons.

He said: "Although house prices in most capital cities are falling, tightening credit supply and declining demand from investors and home buyers have had a greater impact on the two largest markets, Sydney and Melbourne, than other markets."

In addition to the two largest property markets, prices in Brisbane also fell 12% in the December quarter, Perth fell 1.1%, Darwin fell 1%, and Canberra fell slightly by 0.6%.

During the same period, only Adelaide rose slightly by 01% and Hobart rose by 0.7%, of which Hobart's house prices have risen by 9.6% in the past year.

The Bureau of Statistics said that in the December quarter, the country’s total residential value fell by 12 billion yuan to 1330 trillion yuan.

The average residential price fell 15,700 yuan to 651,100 yuan. The total number of dwellings nationwide increased by 42,600, reaching close to 1030 million.