Sydney house prices dipped in the December quarter, marking the first back-to-back quarterly decline in two years. The median house price fell to $1,645,444, driven by high interest rates, affordability challenges, and limited borrowing capacity. Despite the decline, the median unit price reached a record high of $812,863 as buyers sought more affordable options. Experts predict further price adjustments if interest rates remain elevated.
Sydney house prices edged lower in the December quarter as the property market caught up with high interest rates and the financial pressures buyers have been facing.
“Affordability challenges, the mounting cost of living and limited borrowing capacity have really taken their toll,” she said. “We’ve got a vast price gap between houses and units where houses are roughly double the price of a unit.”House prices fell in several Sydney regions over the quarter including the inner west , north Sydney and Hornsby , Sutherland and Baulkham Hills and Hawkesbury .
Mardiasmo said many buyers are waiting for an interest rate cut. “This may allow them to afford the prices they need for a particular place. We have buyers taking their time and waiting to capitalise when rates go down.” After four years of searching in Sydney’s unaffordable market, Michael Lagudi and his wife Frances Nelson settled on a four-bedroom home in Baulkham Hills before Christmas.
The couple considered Beecroft and Pennant Hills, thinking they could save some money, but after a few months realised they were also priced out. Kellyville and Rouse Hill were options but were too much of a commute.
HOUSE PRICES INTEREST RATES AFFORDABILITY SYDNEY REAL ESTATE MARKET
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