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Australia’s property market recently recorded its first quarterly price decline in more than three years – but some regions are suffering far more than others. Domain has revealed the regions experiencing the nation’s biggest price falls, with some postcodes shedding a staggering $353,000 in just one quarter.
According to the June Domain House Price Report, the median price paid for homes and units fell between three and ten per cent (a drop of $100,000 to $200,000) in just three months. Sydney’s Eastern Suburbs – North region copped the biggest hit, with unit values in prestige pockets like Bondi, Bellevue Hill, Bronte and Dover Heights plummeting by 15 per cent, or an average of $353,000.
Sydney claimed six of the top ten regions for property price declines, with suburbs like Chatswood, Lane Cove, Dural, Wisemans Ferry, North Sydney, Mosman, Ryde, Burwood and Marrickville also feeling the pinch.
Domain chief residential economist Dr Nicola Powell describes the results as “a laundry-list of Australia’s most expensive locations of real estate.”
“It also shows that Sydney is the one location that is the epicentre of the downturn,” Dr Powell said. “The premium end of Australia’s housing market is turning first. It is normally the part of the market that sees price falls first. It does tend to lead downturns, but it also tends to lead to the recovery as well, and that’s coming out in this data.”
Significant price falls have also extended to parts of Melbourne, Brisbane, Perth and Canberra. In Brisbane Inner – which includes the CBD, Fortitude Valley, New Farm and Teneriffe – a 5.7 per cent drop wiped $200,000 off median prices. Meanwhile, South Canberra saw a 6.3 per cent decline, with values falling by an average of $115,000 across Deakin, Forrest, Griffith, Kingston, Red Hill and Yarralumla.
The biggest price falls across Australia in the June quarter:
- Eastern Suburbs – North (Sydney): -$353,500
- Brisbane Inner: -$200,000
- Chatswood – Lane Cove (Sydney): -$187,500
- Port Phillip (Melbourne): -$173,500
- Dural – Wisemans Ferry (Sydney): -$167,500
- North Sydney – Mosman (Sydney): -$162,500
- Stonnington – East (Melbourne): -$151,500
- Strathfield – Burwood – Ashfield (Sydney): -$140,000
- Ryde – Hunters Hill (Sydney): -$120,000
- Marrickville – Sydenham – Petersham (Sydney): -$115,000
- South Canberra: -$115,000
- Boroondara (Melbourne): -$100,000
- Cottesloe – Claremont (Perth): -$100,000
- Warringah (Sydney): -$100,000