The Australian housing market has continued to slump, with prices diving for the eleventh straight month in August.

According to CoreLogic, Australia’s median home price slipped 0.3% in August, following a 0.6% drop in July.

Prices have continued to dive across most capital cities, lead by Sydney, Melbourne and the top-end of the market.

Results mark a 1.1% housing price decline in the last three months, with overall drop for the past year hitting 2%.

The median home price for Australian capital cities slumped 0.4% in August, with regional prices dipping 0.2%.

Darwin, Adelaide and Canberra are the only capital cities to debunk trends, with prices lifting 0.1%, 0.3% and 0.5% respectively.

According to CoreLogic, Melbourne is now Australia’s weakest capital city housing market, followed by Perth.

Concerning future outlook, the Australian housing market is expected to remain “challenging” throughout spring.

[CoreLogic]