Sydney leads nation in steepest property price falls

Sydney’s property downturn is gathering pace, with the harbour city recording the nation’s steepest price falls as new figures show accelerated monthly declines and house prices slipping below where they were a year ago. Recent price declines have been driven by this year’s interest rate hikes, the federal budget and reduced buyer competition, as investors pull back, while first home buyers and upsizes hold off to see how far the market could dip. Figures from PropTrack’s latest Home Price Index show Sydney home prices fell for the fifth consecutive month in July, with the greatest monthly price fall nationally of 0.6 per cent for all dwellings, and a 1.6 per cent annual decline. Sydney’s property price decline has accelerated for a fifth consecutive month, with interest rate rises and federal budget fears hitting the nation’s most expensive market hardest The data revealed both houses and units have taken a deepened hit over the past month with a 0.7 per cent decline for houses and 0.3 per cent decline for units, with median prices now sitting at $1,563,000 and $871,000 respectively. House prices has seen a 2.6 per cent fall from this time last year, with a typical house in now ab...