Sydney house prices take a tumble

Adam Smith 12 October 2017 NEWS

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%.

Latest home loans headlines

Image: Shutterstock

Get more from finder

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Ask a question
Go to site