Buy now! Homes in some of Sydney’s most sought-after suburbs see price drops of up to $500,000
- Some of the city’s most liveable suburbs saw price falls in the six-figure range
- In Woollahra, the median house price fell by $501,887 in the year to December
- Trendy Paddington in Sydney’s inner east recorded a drop of at least $228,000
- Inner-east suburb among handful of ‘liveable’ suburbs to see six-figure drops
- Price drops credited to rate cuts and easing lending restriction at start of 2019
Properties in some of Sydney’s best suburbs have registered six-figure price drops in the past year, according to a new report.
A weak start to 2019 led to median house price falls of $501,887 in Woollahra in the city’s eastern suburbs and $486,000 in Cremorne on the lower north shore.
The suburbs were among a handful ranked in the top 30 for liveability in Sydney to record significant drops – including trendy Paddington in the inner-east.
Trendy Paddington (pictured) in Sydney’s inner-east is among the most ‘liveable’ suburbs to record six-figure price falls in the year to December
A giant price drop of $501,887 was also recorded in Woollahra (pictured) in Sydney’s affluent east
The affluent suburb, which is ranked 15th in terms of liveability according to Domain’s Liveable Sydney Study, had a price drop in the year to December of at least $228,000.
The same fall was recorded in the lower north shore’s Northbridge and Mosman according to the property website’s House Price Report, while the median drop in Cronulla in the city’s south was $477,000.
In good news for home buyers, 11 of the suburbs ranked in the top 100 for liveability sat below Sydney’s median average as of the quarter leading up to December.
Property market economist Trent Wiltshire said the dramatic falls in median house prices can be credited to a weak beginning to 2019.
He said the period coming before Liberal’s decisive election victory, easing lending restrictions and cuts in rates were all factors in the price drops.
Other top 100 suburbs for liveability to record price drops were Parramatta in the city’s west and Kogarah in the south.
Southern Sydney median drops were also stark for apartment prices, with Warwick Farm flats falling 20.2 per cent to $94,925 and Sutherland falling $62,570.
In better news for homeowners, house prices in inner-city suburbs across some of Australia’s biggest cities were predicted to see by double-digit margins in 2020, in figures released earlier this month.
Real estate investment experts are predicting house values in areas near the central business district will skyrocket by 12 per cent this year – in Sydney, Melbourne and Adelaide.
Northbridge, Paddington and Mosman saw a drop in property prices of at least $228,000
The median drop in Cronulla in the city’s south was $477,000 – a suburb ranked 39th in Sydney out of 569 in terms of liveability
Median prices at St Peters, in Sydney’s inner-west, were expected to surge by $140,649 from $1.172million, despite being a construction site for the WestConnex motorway.
In 2019, Sydney and Melbourne were Australia’s best performing housing markets, CoreLogic data showed.
Since June last year, house and apartment prices in Sydney and Melbourne have been increasing every month – partially reversing the effects of the record downturn since 2017 in those cities.