Australians’ often-cited faith in — indeed, love of — residential property has been tested by a downturn in prices since a national peak in September 2017.

Since then, the nation’s housing market has chalked up 19 months of consecutive price declines, falling by 7.9 percent, according to CoreLogic. Home prices are being dragged down by the performance of the two largest markets, Sydney and Melbourne, which together account for about 60 percent of the national value of housing. Since peaking in 2017, CoreLogic indicates Sydney prices have declined by 14.5 percent, while Melbourne values are down 10.9 percent. Perth values have lost 18.4 percent, while Darwin values have plunged 28.3 percent. In other cities, the falls are much more muted, while the national capital, Canberra, remains at peak valuations.

In the 12 months to April 2019, national dwelling values dropped by 7.2 percent, reports CoreLogic, in the largest annual decline since the 12 months ended Febru