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Sydney, Melbourne lead national property prices lower

Australia's property prices have fallen for a second consecutive month, with Sydney and Melbourne in a downturn and the other mainland capitals growing but slowing.

Residential apartment buildings on Sydney Harbour.
Sydney's annual property price growth has slowed to 5.9 per cent, well below Adelaide and Brisbane that are both above 25 per cent.

Like an aircraft carrier trying to reverse from full speed ahead, the seemingly unstoppable and impregnable Australian property market has gone from all guns blazing to reversing into port.

After years of smooth sailing at a record rate of knots, national property prices have fallen for the second consecutive month.

Prices were down by 0.6 per cent to finish 0.2 per cent lower over the June quarter, according CoreLogic’s national Home Value Ind…