National dwelling values in February have experienced a further decline of 0.7 per cent, according to new data from CoreLogic. 

This adds to the cumulative decline of -6.8 per cent since the national dwelling values peaked in October 2017, returning to the level last seen in September 2016. 

As of now, the national median home price fell by 2.7 per cent for the quarter, 6.3 per cent for the year, and 0.7 per cent in February to $524,478. 

Housing prices in Sydney led the annual decline, down to 10.4 per cent to an average house price of $789,330. 

Melbourne followed with the annual decline rate of 9.1 per cent, to $629,457. 

Sydney and Melbourne both fell by 1.0 per cent in February, and 4.1 per cent in the quarter. 

“Ongoing home price falls in Sydney and Melbourne will depress consumer spending as the wealth effect goes in reverse and so homeowners will be less inclined to allow their savings rate to decline further,” AMP Capital chief economist Shane Oliver said. 

Hobart was the only capital city to experience a rise in values over the past three month, with a rise of 1.1 per cent to $457,186. 

However, CoreLogic head of research Tim Lawless said that the February results were weak compared to the previous. 

“The national rate of decline eased relative to January and December, when dwelling values were down by around 1 per cent, however the February results remain overall weak, with the geographic scope of negative conditions broadening,” Mr Lawless said.