‘Scared of overpaying’: Sydney house prices have their steepest fall in three years

Sydney house prices declined 2.7 per cent to $1,552,015 million in the June quarter, Domain’s latest house price showed.Meanwhile, unit prices declined 0.6 per cent to $790,983 in the June quarter.Sydney’s median house price has recorded its steepest quarterly fall in three years, new figures show, and experts have forecast further falls as the downturn spreads across the city.

Domain chief of research and economics Dr Nicola Powell said house prices fell almost five times faster than unit prices in the June quarter. “Peak-to-trough [house prices] are up 40 per cent compared to 9 per cent for units,” she said, adding that house prices were more vulnerable to bigger price drops as a result.

Deda forecasts the peak-to-trough drop in national dwelling prices could be 10 to 15 per cent, which could be reached by the end of 2023 or early 2024.

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