A string of sought-after Sydney suburbs are between six and 10 per cent cheaper than a year ago.
House prices have fallen over the past year in a string of sought-after Sydney suburbs where the typical house costs $2 million or more.
Sydney Sotheby’s International Realty managing director Michael Pallier had noticed buyers in Bellevue Hill were not always willing to pay as much as sellers were asking this spring, but he said there were still many buyers around and some very strong sales. “It might have overrun – it went a bit too high and it’s come back to a more sensible level,” he said. “The new properties came on the market for spring – we could notice quite quickly the buyers weren’t at the levels many of the vendors were hoping for.Elsewhere, house prices have soared in some of Sydney’s more affordable suburbs, especially in the west and south west.
Blaze Real Estate director Blaz Dejanovic said the lower-priced entry point into the Sydney market had been attracting buyers to the south-west, adding that new migrants congregated in tight-knit communities.
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