Sydney property prices have tumbled by more than 12 percent, with the top end of town including the Northern and Eastern beaches bearing the brunt.
Consecutive interest rate rises are to blame. In 2022 there was a 5% fall in prices across the country however in Sydney, there was a 12.1% fall, with prices falling by up to 22.9% in Queens Park, 10.5% in Rouse Hill and 10.6% in Regents Park.
Falls in Sydney’s west were more modest with St Johns Park seeing falling prices of up to 5.1%. This saw the median house price in Sydney at just over one million dollars.
This comes after the quickest rate rising on record with the official cash rate being 3.1%. With the RBA foreshadowing further rate hikes.
