A report from the Australian Financial Review. "After a relentless run of strong price growth across Sydney's property market, prices have fallen 11.4 per cent from the mid-2017 peak according to the latest Domain House Price report. There has been no holiday for painters and decorators who have spent January sprucing up homes as owners need to exert far more effort to make their place stand out in a market where unsold places are lingering."

"Sydney-based painter and builder Nick Robins said it's important not to discount the little things now that buyers have more leverage in the market. 'If there's something that doesn't quite work when prospective buyers walk through the house they now are in a better bargaining position to negotiate the price down. So it's better to spend the money to fix the tap or plaster over cracks,' Mr Robins said."

"Painter Sasha Nadezhkin noticed the uptick in work when property prices dropped in 2017 and continued to cool in 2018. 'Before they could sell without painting or styling their homes but now it's very hard to sell a place without getting a paint job, at the very least,' he said."

"The number of homes on the market has risen 19 per cent in Sydney and 31 per cent in Melbourne the analysis shows. Auctioneer Damien Cooley has noticed the market slow down. 'Ordinarily we would see a higher volume of auctions scheduled for the next few weeks, but I don't think we're going to see that. A lot of people will be holding on to their property, no one's panic selling,' Mr Cooley said. 'But it certainly is a buyer's market.'"

"'The difference for getting a buyer over the line in this market is presentation. That will make the difference. Of course another big thing here is being overpriced, if you're wanting a higher price in this market you'll be sitting here in June,' Mr Cooley said."

From Domain News. "Melbourne house prices have plunged 8.4 per cent in the past year, new figures show, shaving $76,000 off the median house price. 'The ongoing falls have resulted in the steepest annual house price drop since our records began in 1993,' Domain senior research analyst Nicola Powell said."

"Domain data showed parts of Melbourne had already recorded double-digit annual drops with house prices in the inner-east, inner-south and inner regions of Melbourne diving 16.2 per cent, 15.6 per cent and 15.3 per cent respectively."

"While buyers have gained an upper hand, property observers say the strict lending environment is causing sales to fall over at the 11th hour. Compton Green,  a real estate agency in the city’s inner west, have now extended their sale campaigns to give prospective buyers more time to secure finance."

"'Late last year, we had many clients on the day before auction say they hadn’t gotten their approval and they couldn’t bid on the day,' said director Adrian Butera. 'So now we’re talking about five or six-week campaigns.'"

"Weak off-the-plan sales could halt the construction of new developments, said Angie Zigomanis of BIS Oxford Economics, adding that prospective buyers will soon be able to choose from a large supply of apartments due to be completed and come onto the market. 'If you buy off the plan, there’s a chance prices might fall further once it’s completed,' he said."

From News.com.au. "Perth has emerged as Australia’s most affordable capital city for everyday families, with house prices in the Western Australian capital now at the most affordable level in more than two decades, according to the Housing Industry Association’s (HIA) quarterly housing affordability report."

"Realestate.com.au chief economist Nerida Conisbee told news.com.au the news was good for first home buyers — although those who bought at the peak of the market were 'doing it tough.'"

"'Perth is in the midst of an almost five-year property downturn and the market has seen big declines in prices, and although it’s tough for people who already own property or who bought when the market was right at its peak, for people looking to buy, it’s made the city far more affordable, which is not necessarily a bad thing,' she said."

"Ms Conisbee said the Perth market has started to recover in 2017 before the banking royal commission was announced, causing banks to tighten lending criteria and making it harder for people to buy property. 'In 2017 there was much more buyer activity and we started to see a bit of recovery in the market,' she said. 'But then the banking royal commission was announced in December 2017, and Perth started to take another dive.'"