PHOTO: The higher end of Sydney property market has also taken a hit but may be further along the cycle. Photo: Supplied
Sydney’s property market may have experienced its biggest correction since the 1980s but you would be forgiven for thinking otherwise thanks to impressive results at the top end.
Suburb records are still being broken, top sales continue to be recordedand new trophy homes listing by celebrities and top government officials roll in every week.
But the median house price for the top 10 per cent of the market has taken a hit. It sits at $2.5 million, down from $2.9 million at its peak in 2017.
While it may look like the city is experiencing a two-speed market, the higher end acts as a bellwether, according to Domain analyst Eliza Owen.
“Even though the high end of the market is recovering while the lower end of the market may still be bottoming out, no suburb escapes the cycle,” Ms Owen said.
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