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Sydney house prices are starting to fall

clock icon October 12, 2017
tag iconHome Buyer Sydney Property

First home buyers, The Reserve Bank, regulators, and the government have got their wish. Sydney’s runaway property prices have finally stumbled, with both house and unit prices falling last quarter.

(Recent Update: Read the latest Housing Market Forecast and Buyers Guide for 2019)

It was first illustrated by CoreLogic earlier this month, and now backed up by research from the Domain Group. The median house price across Sydney, according to Domain, is down 1.9% in the three months to the end of September.

The price of Sydney’s inner city and Eastern suburbs properties in particular tumbled by 6%, but it may be too soon for home buyers to pin their hopes on snapping up a house in Bondi. Even with the massive decrease in prices, the median house price remains at a cool $2.17 million.

The problem for first home buyers and others who are keen to get into the market – is how much further the market has to fall, before it settles. Like a puddle, if you don’t know how deep it is, you don’t want to jump in.

The decline brings Sydney’s year-on-year price growth to 8.2% for houses, up from $1,079,309 in the September 2016 quarter. But it’s now $23,000 cheaper than just three months ago.

Sydney's turning house prices

The apartment market also recorded a decline in its median price, with a 0.8% fall over the quarter to $732,321.

Sydneys-apartment-market-graph

Successful Ways buyer’s agent Rob Stanley also said sellers still have their heads in the clouds with their expectations and the prices they want are over the top.

“There’s no doubt we’ve come off the boom, we’re back to a normal market.”

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