Australian house prices fall for first time in a year

Australian house prices have fallen for the first time in a year, according to the latest RP Data Rismark figures.

The statistics show that values in the country's capital cities slipped 1.9 per cent in May 2014 compared to May 2013. Melbourne saw the biggest fall: a drop of 3.6 per cent.

On a quarterly basis values are up 0.7 per cent, the lowest rolling quarterly rate since the three months ending June 2013.