Sydney’s property prices have officially plummeted by the largest amount since the global financial crisis, as the housing market continues its downward spiral.
But while the harbour city has posted its biggest annual house price fall in 10 years, a number of New South Wales’ regional coastal towns and cities have enjoyed double-digit growth.
The overall median house price in Sydney slid by 4.5 per cent year-on-year, Domain reports, with prices in the inner west suffering the steepest drops.
Sydney’s property prices have officially plummeted by the largest amount since the Global Financial Crisis, as the housing market continues its downward spiral
The city the has posted its biggest annual house price fall in a decade, with the overall median house price sliding by 4.5 per cent year-on-year
Prices in the inner west suffered the steepest drops, falling by 15.2 per cent in Petersham and between 7 and 8 per cent in Annandale, Balmain and Earlwood
Prices in Petersham, fell by a staggering 15.2 per cent – the most of any suburb across Sydney – while the neighbouring suburbs of Annandale, Balmain and Earlwood all recorded drops between 7 and 8 per cent.
Meanwhile, Port Stephens’ local government area – two hours north of Sydney – recorded a 16 per cent growth.
‘It’s predominantly people coming out of Sydney for lifestyle reasons and with future retirement plans,’ said real estate agent Ray Noonan, from Raine & Horn Port Stephens.
‘They’re buying, looking to lease it out for few years, and then planning to retire here.’
Meanwhile, New South Wales’ regional coastal towns and cities have enjoyed double-digit growth. Port Stephens’ local government area (pictured) recorded a 16 per cent rise in median house price
Other areas in NSW that saw growth included the Upper Hunter Shire – posting a 15.9 per cent rise over the year – and the Kiama local government area (pictured) on the South Coast – posting a 14.8 per cent rise
Other areas in NSW that saw growth included the Upper Hunter Shire – posting a 15.9 per cent rise over the year – and the Kiama local government area on the South Coast – posting a 14.8 per cent rise.
Orange, Cessnock, Eurobodalla and Byron Bay also recorded median house price growth of above 10 per cent over the year.
In Sydney, things looked slightly more positive to the east.
Bronte saw the biggest house growth of all the city’s suburbs, rising by 26 per cent.
The affluent areas of Bellevue Hill and Vaucluse also appreciated in property value, rising by 16 per cent and 12.1 per cent respectively.
In Sydney, things looked slightly more positive to the east. Bronte saw the biggest house growth of all the city’s suburbs, while the affluent areas of Bellevue Hill and Vaucluse also appreciated in property value