The housing markets in Brisbane, Sydney and Melbourne are seeing a significant downturn, according to the latest data.

Sydney has seen the biggest fall, with house prices falling as much as 10.1 per cent.

“From a data perspective, it is the fastest decline quarter on quarter that we have seen since CoreLogic was taking the data,” Finance reporter Evan Lucan from InvestSMART told Sofie Formica.

“So prices nationally have dropped 4.1 per cent in the September quarter and that’s the largest fall they’ve seen going back since their data started, going back to even as much as the 1980s.

“It is Sydney, Melbourne and Brisbane.

“Sydney has seen a very large fall from their peak, which was January, and it’s down 10.1 per cent.”

He said there was also a significant decline in the number of houses going on the market, in what’s been described as one of the “lowest spring carnivals”.

Press PLAY below to hear more about what the data shows