PHOTO: At a national level, since 1980 there have been eight separate housing market downturns, and only two have been larger than the current one, according to CoreLogic.

The current downturn which commenced after October 2017 has seen values fall by 6.8 per cent, the latest CoreLogic Property Pulse has found.

“Although that may not seem like a substantial downturn, since the early ’80s, there have only been two downturns which were larger, 2008–09 and 1982–83,” said CoreLogic head of research Cameron Kusher.

“National housing market downturns have also been generally fairly short-lived, with the current downturn of 16 months already the second longest with the 2010–12 decline running two months longer than the current downturn.”

He said that most of the loss has been felt in the main cities.

“The decline in values throughout the current downturn has been larger across the combined capital cities, with values now 8.6 per cent lower.