Sydney house prices have had their steepest annual fall on record, declining 10.9 per cent last year as rising interest rates took a toll on buyer demand and spending power.
Sydney’s median house price fell more than $170,000 to $1,413,658 last year, the latest Domain House Price Report, released on Wednesday, shows.
However, the pace of declines slowed in the December quarter when the median fell 2.1 per cent — three times slower than the previous three months.
House prices are now 11.3 per below their early 2022 peak, but are still 24.2 per cent higher than they were when the market troughed in mid-2020.
Unit prices fell, but at a slower pace, dropping 1.2 per cent to a median of $748,422. Prices fell 6.5 per cent over the year, and are now lower than March 2020.
Domain’s chief of research and economics Dr Nicola Powell said the housing market posted its steepest annual decline on Domain records, which date back to 1993.
While the pace of declines had eased recently, further falls were expected, Powell said.
Buyers have since adjusted to rising rates, while there had also been a pullback in homes for sale, which helped to moderate price falls.
Having said this we still see homes breaking records, take 13/54 King Road in Hornsby for example. We took this property to auction last weekend and it sold under the hammer for $1,310,000 breaking the complex record that we previously set by $138,000!
Click the link below to watch this auction!
