House prices have been falling for more than a year in Australia.

To date, most of the slump has been quarantined at the top end of the market — among the most expensive 25 per cent of houses and apartments.

However, since June the more affordable end of the market has also started to fall.

Cheaper housing tends to have less extreme swings in price and falls are quite rare.

But when the bottom end does fall, it tends to point to more persistent weakness in the property market.

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