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New figures from property analyst Residex showed house and unit prices in nearly every city and rural centre fell last month, News Ltd reports.
The last time all states fell at the same time was just before the Great Depression. The slump is affecting the top end of the market as well as the lower end.
Residex chief executive John Edwards has warned of tough times ahead.
"It looks like we're moving into a one-in-100-year event," Edwards was quoted as saying.
"It points to a situation where unless the government and Reserve Bank take action Australia could move into a recession.
"The only other time this has ever occurred is before we moved into severe recession."
The Residex statistics come at the end of a gloomy week for the Australian economy.
Official figures released last week showed housing construction fell for a fourth consecutive month and demand for loans declined by a quarter in the four months to the end of May.
Higher petrol prices and interest rates and the share market slump also saw consumer confidence drop 51 per cent to its lowest level since 1992 when the economy was recovering from recession.
New figures from property analyst Residex showed house and unit prices in nearly every city and rural centre fell last month, News Ltd reports.