The pace of decline in new home values throughout Australia has eased, the latest data shows.

In its latest report, CoreLogic says that average house prices throughout Australia declined by 0.6 percent in the month of March to come in at $524,149.

Capital city prices declined by 0.7 percent to come in at $597,860 whilst regional prices edged back 0.4 percent to $376,728.

Prices dropped across all capitals except for Hobart and Canberra.

In Hobart, dwelling values edged up 0.6 percent; in Canberra they remained steady.

Whilst prices are still falling, the March represents the slowest monthly rate of decline since October last year.

All up, national house prices have declined by a cumulative 7.54 percent since peaking seventeen months ago in October 2017.

That said, values are still up 15.9 percent over the past five years, meaning that many home owners still have relatively strong equity positions.

CoreLogic Heat of Research Tim Lawless said there was a positive in the lower dwelling values as these were helping to ease pressures on housing affordability.

“The silver lining here is that housing is now very affordable and first home buyers are proportionally much more active relative to other areas of the country,” Lawless said.