Australia is undergoing one of the steepest housing downturns in decades, but years of strong growth mean most homes are still being sold for a hefty profit.

In the June quarter, 95.4 per cent of dwelling sales made a gain, down from the 21-year high of 96.1 per cent recorded in the three months to March, research from data provider Cotality showed on Wednesday.

While national dwelling values declined 1.5 per cent over the June quarter, prices were still more than 67 per cent higher than six years earlier.

Read the full story at SBS News - Australia.