The Sydney suburbs where house prices are down 10pc

House prices in some northern beaches and inner west suburbs of Sydney have crashed by as much as 10 per cent in the past three months.

“I think the massive increase in prices on the northern beaches has made buyers reluctant to enter the market,” she said. Balaclava, Middle Park and St Kilda led the biggest quarterly decline in Melbourne, where values fell by 7.4 per cent, 6.5 per cent and 6.2 per cent respectively. Brisbane notched a gain of 0.8 per cent Adelaide 1.8 per cent, Perth 0.6 per cent, Darwin 0.5 per cent and Hobart by 0.3 per cent.Although house values continued to rise across the smaller capitals, the growth was not enough to offset the decline in Sydney, Melbourne and Canberra, which pushed the combined capitals index 0.3 per cent lower over the month.“We’re expecting to see this rate of decline probably accelerate further as interest rates rise,” he said.

On an annual basis, Sydney dwelling values rose by 10.3 per cent in the 12 months to May. Melbourne was up by 5.8 per cent and the combined capitals by 11.5 per cent.

I bet the houses that sold still made the owners 700% returns.

Gonna go way more

Property Property Latest News, Property Property Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

10pc drop in Sydney house prices in sight after 1pc fall in MayThe result for May was worse than for any month during the pandemic and the largest monthly decline since January 2019. it should drop by 20% to make them affordable Buyers were bidding up afraid to miss out
Source: FinancialReview - 🏆 2. / 90 Read more »