According to CoreLogic, there are currently 107,427 properties listed for sale across Australia’s capitals, up 5.9% on the levels seen this time last year. However, the growth in listings in Sydney and Melbourne has been more dramatic, up 21.6% and 8.7% respectively over the year to 25,947 and 29,565 units.

While new listings in Sydney and Melbourne — defined as properties that haven’t been put up for sale in the past six months — are now lower than a year ago, with demand also soft, continued price declines in these cities are now expected by a majority of housing forecasters.

Year-to-date, prices in Sydney have fallen the most of the mainland state capitals, shedding 2.9%. They’ve also fallen 2.3% in Melbourne and 1.2% in Perth, dragging the national average down 2.1% despite modest gains of 0.3% and 0.2% respectively in Adelaide and Brisbane.

From a year earlier, prices in Sydney have fallen 4.9%, more than double the 2.1% drop seen in Perth over the same period. While Melbourne prices are still up 0.2% over the past year, given current trends, it appears only a matter of time until it too will turn negative.