PHOTO: Auctioneer Vic Lorusso, left, at a property that failed to sell in Roseville, Sydney, last Sunday. Picture: Hollie Adams

Australia’s housing prices are being revised down day by day.

The housing correction, like the five-year boom, is a Sydney and Melbourne phenomenon.

But it now seems to be spreading to other, so far resilient, capitals and to what had been the finally improving regional areas.

Yesterday, researcher Core­Logic downgraded its outlook for the country’s $7 trillion housing sector, saying the market was at its weakest point since the start of 2012. Sydney’s housing prices have fallen 7.4 per cent during the past year, the worst 12-month ­result since 1990 when the Hawke government was in power and ­interest rates hit 17 per cent. Melbourne’s housing values were down 4.7 per cent.