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Sydney house prices take a tumble

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More figures show Sydney house prices in decline, with inner city suburbs seeing the steepest falls.

House prices in Sydney were down 1.9% for the September quarter, according to new figures from Domain Group. The company’s State of the Market Report showed the median house price in Sydney dropping to $1,167,516 for the quarter.

The report reinforces CoreLogic figures earlier this month which showed a monthly decline in Sydney house prices.

Declines were most marked in the city’s expensive inner city and eastern suburbs markets, showing a 6% decrease for the quarter.
Apartments saw declines as well, though not as precipitous as the drop in house prices. Unit prices fell 0.8% over the quarter.

Melbourne’s market, meanwhile, has continued to demonstrate resilience. House prices in the city were up 1.3%, while unit prices rose 3.4% over the quarter. Canberra and Hobart also performed strongly. House prices in Canberra rose 4.3% and unit prices rose 1.9%. House prices in Hobart were up 4.4% for the quarter, while unit prices skyrocketed 6.3%.

Darwin, Perth and Brisbane also saw quarterly declines for both houses and units. Both house and unit prices saw their steepest fall in Darwin, with house prices down 3.6% and unit prices falling 6.8%.

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