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AAP
AAP
Business
Jacob Shteyman

Housing market downturn the steepest in four decades

Tim Lawless Anthony Albanese Lukas Coch Australia Cotality
House prices continue to fall and are down 5.2 per cent since a peak in March. (Susie Dodds/AAP PHOTOS)

Australia's housing downturn is on track to become the deepest in 40 years as economists warn already sizeable price drops could be only one-third of the way through.

National property values fell 1.1 per cent in September, taking the total decline since the March peak to 5.2 per cent, data firm Cotality revealed on Thursday.

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