The great Aussie housing bust is gathering momentum. Over the past three months, Cotality data shows Melbourne and Sydney dwelling values deflating annually by 11 per cent and 13 per cent respectively.While Brisbane and Perth prices are still technically climbing, they are losing steam fast. It would not surprise me if Brisbane, barely appreciating at a 3 per cent rate, rolls over soon. Bricks and mortar in Perth could likewise shudder to a halt. Nationally, home values are shrinking at a 6 per cent annual clip, which is bound to get worse.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles