House prices across the country are falling even faster than they did during the Global Financial Crisis amid signs the Reserve Bank will consider an interest rate cut if the jobs market starts to deteriorate.

The Australian Bureau of Statistics on Tuesday reported house prices across the nation's capitals fell by 2.4 per cent in the December quarter to be down by 5.1 per cent through 2018.

In dollar terms, almost $270 billion has been wiped from the value of the nation's housing stock since March last year with $179 billion gone from NSW homes. Victorian home values have fallen by $104 billion.

House price falls are growing according to figures from the ABS. Credit:Pat Scala

It eclipses the worst annual falls recorded during the GFC when prices edged down by 4.6 per cent in early 2009.