The Australian stock market had moved into the red at noon on Wednesday after eight straight session of gains, led by weaker materials and property sectors.

At 1200 AEDT, the benchmark S&P/ASX200 index was 13.8 points lower, by 0.29 per cent, at 4,806.3 points, while the broader All Ordinaries index had dropped 12.5 points, or 0.26 per cent, to 4,816.8 points.

On the Sydney Futures Exchange, the March share price index futures contract was 14 points lower at 4,806 points, on volume of 13,008 contracts.

IG Markets research analysts Ben Potter said the market was due for profit-taking with investors now taking money out of cyclical fast-moving stocks and moving into more defensive shares.

Mr Potter said disappointing housing finance figures released on Wednesday morning also had affected the market.

"Property trusts are getting hit the most but also materials are down on the back of weaker leads from the US and weaker base metal prices in London," Mr Potter said.

"On the upside, the market is fairly defensively postured at the moment with telecommunications and utilities the best performing sectors."

Mr Potter said the market was likely to drift further into the red.

In the resources sector, global miner BHP Billiton shed 42 cents to $42.98, and Rio Tinto reversed 99 cents to $75.16.

Shopping centre giant Westfield fell 23 cents, or 1.87 per cent, to $12.07, Stockland sank seven cents, or 1.67 per cent, to $4.11 and Mirvac dropped four cents, or 2.56 per cent, to $1.52.