Fall at Australia’s real estate market has been observed for a year already, Bloomberg reports. Two major cities of the country suffer the most.

As a whole, property values fell by 0,5% last month. Prices in two cities on east coast, Sydney and Melbourne, which account for half of all housing sales values, lost 6,1% and 3,4% respectively compared with last year.

Housing values are declining for 12 months. Compared with the peak values last September they lost 2,7%. Decline is observed amid tougher credit rules, supply increase and slower growth of wages. All these resulted in the end of Australia’s property boom.

Market fall however differs from one observed from June 2010 to February 2012 when prices fell by 3% in first twelve months and lost 6,5% compared with peak value.

Values in Sydney and Melbourne are still 40% higher than five years ago.