PHOTO: Sydney home prices have been falling. Picture: Destination NSW Source: Supplied
Sydney’s real estate downturn has been accelerating, with the market today claiming a new record and one analyst warning sales could also take an unexpected twist in February.
It has been a catastrophic summer for the Sydney housing market.
New housing data released today has revealed prices fell by a whopping 1.8 per cent over December, an acceleration of the 1.4 per cent drop recorded over November.
It meant the total fall in prices for 2018 was 8.9 per cent — the largest yearly decline in values since January 1983.
An average Sydney home now costs $808,494, the same it did in August 2016, according to the CoreLogic Hedonic Home Value Index.
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