Sydney House Prices Drop 3.3%, Wiping A$60,000 Off Median Value in First Fall in 3.5 Years
Updated
Updated · ABC News · Jul 24
Sydney House Prices Drop 3.3%, Wiping A$60,000 Off Median Value in First Fall in 3.5 Years
1 articles · Updated · ABC News · Jul 24
Summary
A$60,000 was cut from Sydney’s median house price in three months as values fell 3.3% quarter-on-quarter, the city’s first quarterly house-price decline in about 3.5 years and the first fall for units.
Domain said the downturn is concentrated in premium northern and eastern suburbs, while historically cheaper outer areas are still rising—outer south-west house prices are up nearly 13% year-on-year.
Penrith and Fairfield unit prices still gained A$12,000 from the previous quarter, though Domain expects any broader downturn to spread outward over time, usually hitting middle suburbs before the fringe.
Three rate hikes this year, weak consumer confidence, tax and budget changes, and high living costs have slowed transactions, with Fairfield agents reporting buyer confidence at an all-time low and investors largely staying out.
NSW Housing Minister Rose Jackson said it is too early to overread the shift, noting Sydney housing remains extremely expensive with the average house price still near A$1.7 million.