Unit prices fell in almost one in five Sydney suburbs over the year to June, Domain data shows, and house prices were down in several suburbs
.
Domain chief of research and economics Dr Nicola Powell said prices were still up across most suburbs over the year, but many were past their peak rate of growth. Prices fell more than 10 per cent in Kogarah, Sylvania and Eastwood, and more than 5 per cent in suburbs like St Marys, Woolloomooloo and Erskineville.
In other suburbs, prices are much higher than a year ago and the strongest growth has been in lifestyle locations. The median house price in Erina jumped 64.7 per cent, and fellow Central Coast suburbs of Long Jetty, Ettalong Beach and Tumbi Umbi also had prices rise more than 40 per cent. He expected prices nationally to fall 13 per cent from peak to trough, and further in Sydney. Price falls would be sharpest in the coming months, and were unlikely to halt until early 2024 – following an expected cash rate cut in late 2023.The top quarter of the market should have sharper declines, he added, though a pick-up in investor activity combined with a pull-back in sellers amid lower prices, could moderate declines.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Luxury unit in North Sydney development worth $1m to be given away - realestate.com.auA unit in a new luxury tower in Sydney is going to be given away to whoever can solve a Survivor-style puzzle in the middle of a Rugby League pitch.
Read more »
Saudi sisters found dead in Sydney had active claims for asylum with Department of Home AffairsAsra Abdullah Alsehli, 24, and Amaal Abdullah Alsehli, 23, were quiet and ‘would keep to themselves’, former landlord says
Read more »
Sydney rentals gone in days as crisis heats up - realestate.com.auNew data shows how quickly rentals are being snapped up, with properties in many suburbs rented twice as fast as pre-pandemic levels.
Read more »
Tiny turtle pooed ‘pure plastic’ for six days after rescue from Sydney beachGreen sea turtle hatchling was missing a flipper when it was found lying on its back in a rockpool and taken to Taronga zoo
Read more »
Tyler, the Creator exudes mix of danger and excitement in Sydney showFrom the moment he appears on stage, the effortlessly charismatic 31-year-old rapper is like a powder keg that could go off at any second.
Read more »
The best things to see and do in Sydney in AugustLooking for things to keep you entertained in Sydney this August? Lucky for us, there are a number of events in and around the CBD to look forward to.
Read more »