PHOTO: Sydney
Sydney’s median house price has dropped almost $120,000 in the past year as the city faces its steepest property downturn in decades, new figures show.
House prices dropped 9.9 per cent over the year to December, according to the latest Domain House Price Report, with the median now at $1,062,619. Prices fell 3.2 per cent in the last quarter alone.
“House prices have fallen 11. 4 per cent from the mid-2017 peak, pushing them back to mid-2016 levels,” said Domain senior research analyst Nicola Powell.
“It’s the sharpest downturn in more than two decades, although the duration is yet to surpass the 2004-06 slump.”
| MEDIAN HOUSE PRICES | |||
| Capital City | Median | QoQ Change | YoY Change |
| Sydney | $1,062,619 | -3.20% | -9.90% |
| Melbourne | $833,321 | -2.10% | -8.40% |
| Brisbane | $566,058 | -0.20% | -0.10% |
| Adelaide | $537,971 | 0.10% | 1.70% |
| Canberra | $738,933 | 0.10% | 0.00% |
| Perth | $546,281 | 0.00% | -3.30% |
| Hobart | $479,685 | 2.70% | 8.80% |
| Darwin | $514,876 | -0.40% | -8.70% |
| National | $766,438 | -1.80% | -6.50% |
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