But there were signs of a recovery. The fall in house prices at the upper end of the market, particularly Sydney, was beginning to abate and regional housing values were recording a milder rate of decline.

In Brisbane the median dwelling price (unit and house prices combined) in January fell below $700,000. Sydney has edged below $1 million.

“January marked a new record for how much and how fast dwelling values have fallen,” CoreLogic’s latest report said.

In Brisbane, the decline has been almost 5 per cent in the past quarter and almost 11 per cent since the peak last year. Over 12 months, the fall was 4.7 per cent but this followed rises of more than 42 per cent during Covid.

More than $80,000 has been wiped from the Brisbane median dwelling value since June 2021.

CoreLogic’s Tim Lawless said housing sales nationally were down almost 30 per cent compared with the same period in 2022. In Brisbane, the fall was 36 per cent.

“There is a strong relationship between consumer attitudes and the number of homes sales,” he said.

“With sentiment remaining around recessionary lows, it’s harder for consumers to make high commitment decisions such as buying or selling a home.

“Until Australians have a higher level of confidence with regards to tehir household financies and the outlook for the economy, it’s likely they will continue to delay major financial decisions.”

But he said migration levels were rising and that would mean more demand for housing. This was likely to mean that vacancies would remain extremely tight.

“At the same time, there is little evidence of additional rental supply coming to market,” he said.

“The net outcome is likely to be a further lift in rents and a worsening of social issues associated with unaffordable accommodation costs.”