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Analysis - Investors are capitalising on low property prices, and a major bank is predicting interest rates will fall sooner than expected.
The downturn in the housing market is beginning to bite with the national average house price dropping below $1 million for the first time since September.
The downturn in the property market has became further entrenched, with prices falling at the fastest pace since the Global Financial Crisis.
Industry leaders say the slowing housing market should offer millennials some hope, despite home affordability for first-home buyers being the worst it has been in 65 years.
The number of houses sold fell 35 percent from a year ago, and the median number of days to sell increased by nine to 38 days, latest Real Estate Institute figures show.