Australian real estate bubble

Sydney median house prices crashed by up to half a million in 2019

Suburbs across Sydney saw record six-figure price falls in 2019, according to Domain. The data was recorded as part of the Domain House Price Report published at the end of January. 

The suburbs with the largest drops were mainly in the lower north shore, inner city and eastern suburbs of the city.

Woollahra, near Sydney’s eastern beaches, saw an average price fall of $501,887, or 15.2 per cent. The median price for a property in Woollahra remains $2.8 million.

Prices in Cremorne dropped approximately $486, 000, and Cronulla fell $477,000. Paddington, Mosman and Northbridge all fell about $228,000.

Prices recovered slightly after the federal election, interest rate cuts and the easing of lending restrictions by banks in response to the drops, however prices across the city are still significantly down from their mid-2017 highs.… Read the rest