However, during the same time frame, national dwelling values have been at an historic high for 56.8 per cent of that time.
New research conducted by CoreLogic’s research analyst, Cameron Kusher, analyses the current property market and for how much of the time the nation reached peak property prices.
According to Mr Kusher, since the 2017 peak for capital cities, the prices have fallen by -10.1 per cent.
Regionally, as a nation Australian property prices are holding value compared with their city counterparts. Since the historic highs, regional properties have fallen by -3.0 per cent.
The Sydney market has been the hardest hit falling by -14.9 per cent and have been at a historic high price for 44.9 per cent of the time since 1989.
Melbourne dwelling values have currently fallen by -11.1 per cent and is in its deepest correction any time since 1980. Over the past 30 years, it has been at a historic high for 44.9 per cent of the time.
Brisbane peak arrived much later than the cities south of the border, reaching a peak in April 2019, according to Corelogic. Since then, it has fallen by -2.4 per cent, while being at a historic high for 49.3 per cent of the time.
Adelaide has began a correction in recent months and is now marginally below its peak value. It has, however, been in a peak period for 53.8 per cent of the time in the past 30 years.
For Perth, since the mining boom, the current decline has been the sharpest in the past 30 years, falling by -19.2 per cent. The peak for WA as a whole has fallen by -32.5 per cent since January 2008.
Hobart has shown strong growth in value over recent years, having now fallen by -1.3 per cent in the past few months, according to Corelogic. Historic highs have been reached for just 37.7 per cent of the time.
Darwin dwellings last peaked in 2014, and they are currently 29.5 per cent lower than this peak five years ago. Over the past 18 years, values have been record highs for just 25.3 per cent of the time, according to Corelogic.
Finally, Canberra prices are slightly lower than their peak after a decline of 0.2 per cent in May 2019. Over the past 25 years, dwellings in the nation's capital have been at historic highs for 38.2 per cent of the time.