Sydney property prices drop $26,000 over 12 months amid rising interest rates

Sydney home prices have fallen for the seventh successive month, sending property values into a downward spiral, spurred on by skyrocketing interest rates, cost of living pressures and rock-bottom consumer confidence.But not all NSW homeowners should be looking the other way.Realestate.com.au’s new Home Price Report for September shows that Sydney property values have sunk by 5.5 per cent since their November peak.Meanwhile, regional NSW continues to quietly outpace the capital in the latest figures.The Home Price Report reveals that regional residential properties grew 8.3 per cent faster than Sydney residences over the last year.Sydney’s median property value for all dwellings fell by 0.3 per cent in September and dropped by $26,000 over the last 12 months to hit $1,187,000.By comparison, regional NSW saw a $35,000 annual increase in median values and reached $779,000 by the end of September.MORE: Shock as every Aussie household to lose $120kREA senior economist Eleanor Creagh said regional markets are outperforming capital cities. Picture: John GassMORE: How RBA rate rise has slashed your buying power by five figuresREA senior economist and report author Eleanor Creagh said prop...