The other capital city markets presently in a downtrend include Darwin and Perth, with dwelling price indexes down by 2 per cent and 3.3 per cent respectively over the year to September.
Prices in Brisbane have been rising steadily for 13 consecutive quarters, and in Canberra and Adelaide for 10.
Sydney's vacancy rate has declined from 1.7 per cent to just 1.6 per cent over the past year.
Year-on-year vacancy rates have declined in Sydney, Melbourne, Canberra, and Hobart. The result has been upward pressure on rents in Melbourne, Canberra, Hobart, and even pockets of Sydney.
Even in the face of the inevitably huge resources construction downturn, the trend national unemployment rate sits at a 27 month low of just 5.84 per cent.
The Reserve Bank of Australia forecasts the unemployment rate to decline steadily over the next few years to 2019, with confidence intervals suggesting that an unemployment rate beginning with anything higher than a '6 handle' is an unlikely outcome, if not remote.
The February Labour Force figures will be released tomorrow.