House prices fall in Sydney and Melbourne

The cost of buying a home in Australia's two biggest cities has dropped, according to the latest figures from research agency Cotality. Dwelling values fell 0.9 per cent in Sydney and 0.8 per cent in Melbourne during May. There was also a drop in the ACT, of 0.2 per cent. While prices rose in other state and territory capitals, the growth was weaker than previously seen.