House prices year-on-year in Melbourne are down some 8.8%; Brisbane-Gold Coast hasn't fared much better with house values down 6.8%, and confidence has been damaged there post-flooding.
With house values down 4.6% in Sydney and 4.1% in Perth over the past 12 months you'd be forgiven for thinking that it's all doom and gloom out there.
Well, not quite.
If you read my blog regularly, you'll know that I've been chewing ears off for some five years or so now regarding the unaffordable nature of much of our housing stock, and arguing very strongly that the smart place to invest is in units in the inner/middle suburbs - and particularly units in the inner-west and certain pockets of the eastern suburbs in Sydney.
Of course, you won't hear about this because the headlines are preaching doom, gloom and housing market crashes - but take a closer look at the figures - it's right there in black and white.
RP Data shows that Sydney unit values are up 3.6% for the quarter. Similarly strong results on units in Adelaide and Perth.
Houses getting cheaper could be a wonderful thing for Aussies in the long term. In the meantime, smart investors are making outstanding returns by acquiring and holding investment grade units in desirable lifestyle suburbs with great transport access to the cities, as interest rates just keep on falling.
Lesson: there is no one property market in Australia. Never has been; never will be.