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Home prices fell in every Australian capital city in the three months to March, slicing off more than $170 billion from the total value of the country’s dwellings.

Average prices across the eight capitals dropped 3.0 per cent in the quarter and 7.4 per cent in the year, according to the Australian Bureau of Statistics’ Residential Property Price Index released on Tuesday.

The March quarter drops were greatest in Sydney and Melbourne – the two largest cities in the country – as home prices fell 3.9 per cent and 3.8 per cent respectively while the smallest dip was in Adelaide at 0.2 per cent.

The total value of Australia’s 10.3 million residential dwellings fell $172.7 billion between January and the end of March to $6.56 trillion, a heftier decline than the $133 billion lost in the December quarter.

Average property values on a 12-month basis fell 10.3 per cent in Sydney, 9.4 per cent in Melbourne, 4.2 per cent in Darwin, 2.7 per cent in Perth and 1.3 per cent in Brisbane.

Home prices over the year were up 0.8 per cent in Adelaide and 4.6 per cent in Hobart while values in Canberra came in flat.