Australian home prices have fallen for 12 consecutive months, with the pace of price declines accelerating nationally in September, largely reflecting a steep drop in Melbourne and continued modest declines in Sydney.

Those themes have continued into early October, according to updated figures from CoreLogic.

The declines in Australia's property market are not over yet. Credit:Peter Rae

With median prices in Melbourne and Sydney down 4.4 per cent and 4.1 per cent respectively so far in 2018, it’s little surprise that Australian home prices have fallen 2.7 per cent in average weighted terms despite mixed results in smaller markets.

These cities have 40 per cent of all Australian homes, and account for 60 per cent of the nation's total housing wealth, after all.