Annual growth has slowed to 5.3 per cent, well below the double-digit pace recorded earlier this year.The country's largest property markets, Sydney and Melbourne, recorded declines of 1.4 per cent and 1.2 per cent respectively In Perth, which has recorded the strongest year-on-year growth of any capital city at 21.8 per cent, prices were virtually flat, rising just 0.1 per cent."For buyers who remain in the market, lower competition and elevated stock levels (when compared with the start of the year) mean greater choice and more negotiating power," the property analytics firm said.However, the fall in prices has been led by properties at the higher end of the market, providing little benefit to first home-buyers who are also grappling with lower borrowing capacity after three interest rate hikes this year.Homes in the top quarter of the market lost 3.2 per cent of their value in the three months to July, compared to a 0.3 per cent gain in the lower-price tier.Beyond the capital cities, the regional property market recorded a drop a 0.2 per cent — the first decline since January 2023