News, Culture & Society

Sydney property market drops faster than national average

Sydney’s astronomical property prices are shrinking twice as fast as the nation’s state capital city average. 

The Sydney property market is continuing to falter following a 0.4 per cent fall in prices in the week to January 21, latest data by property group CoreLogic shows.  

The drop is double the 0.2 per cent fall experienced across Australia’s five other state capital cities, Nine Finance reported.

The Sydney property market (file image) continues to falter after a 0.4 per cent fall in prices in the week to January 21

The drop is double the 0.2 per cent fall experienced across Australia's five other state capital cities (file image)

The drop is double the 0.2 per cent fall experienced across Australia’s five other state capital cities (file image)

Data shows that Melbourne house prices experienced a slip of just 0.1 per cent.

Meanwhile, prices in Brisbane, Adelaide and Perth remained steady during the mid-January period.  

Melbourne’s property market was the nation’s strongest performer over the past 12 months, recording an 8.4 per cent increase in prices. 

The figure is almost five per cent more than the national state capital city average of 3.6 per cent.

Melbourne's property market (file image) was the nation's strongest performer over the past 12 months, recording an 8.4 per cent increase in prices

Melbourne’s property market (file image) was the nation’s strongest performer over the past 12 months, recording an 8.4 per cent increase in prices

Adelaide, Perth and Brisbane experienced similar gains of about 2.5 per cent price growth in the past year. 

But Sydney’s market was the weakest once again, recording just 1.9 per cent growth.

The average private treaty sale for houses in the nation’s largest city was $815,000 – compared to just $680,000 in Melbourne, $525,000 in Brisbane, $495,000 in Perth, and $440,000 in Adelaide.

Units sold in private treaty sales averaged $650,000 in Sydney, $482,500 in Melbourne, $397,500 in Brisbane, $302,000 in Adelaide and $370,000 in Perth. 



Read more at DailyMail.co.uk



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