House prices in 11 inner Sydney and 46 inner Melbourne suburbs have sunk below their pre-pandemic values, as rising interest rates erode the gains made during the past two years, data from CoreLogic shows.
In Melbourne, house prices in South Melbourne, St Kilda, Middle Park, Albert Park and Malvern East have also surrendered their pandemic gains. Since March 2020, median house prices have dropped by 14.2 per cent, 12.3 per cent, 10.6 per cent, 8.1 per cent and 7.2 per cent respectively. which could partly explain the steep drop in values across house markets across the city and inner south of Sydney, where a lot of these house markets are,” she said.
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