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The Sydney suburbs where property prices are falling the most

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Sydney home prices have dropped for the first time in a year and a half. These are the areas hit by the biggest falls and where prices are still rising.

Sydney’s CBD and inner south have topped a list of regions that experienced falling property prices last month after values in the Harbour City went backwards for the first time in almost a year and a half.

Property prices in the CBD and inner south – which includes suburbs such as Redfern, Alexandria and Rosebery – dropped by an average of 1 per cent in February and 2.3 per cent over the past three months.

Houses in the region copped the brunt of the decline after a year of 19 per cent growth. The median house price in the area fell by 2.4 per cent in February and dropped 3.8 per cent over the quarter.

MORE: Prices drop for first time in 17 months

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The median unit price had a more modest monthly decline of 0.2 per cent and a quarterly drop of 1.5 per cent following 10 per cent growth over the year.

Other regions where prices fell included the Hills district and Hawkesbury regions, where house prices dropped 0.5 per cent over February. The drops followed a 30.8 per cent increase year on year.

Sutherland Shire house prices dropped by 0.4 per cent after yearly growth of 30.9 per cent.

CoreLogic research director Tim Lawless said there was a clear mismatch in buyer demand at the cheapest and most expensive ends of the Sydney housing market.

While real estate in cheaper suburbs was still in high demand, pricier properties were taking longer to sell, he said.

This was evident in the regions that had the highest monthly increase in values, including the outer west and Blue Mountains (0.9 per cent), the southwest (0.8 per cent) and Blacktown (0.7 per cent).

Prices on higher value properties had also been increasing for much longer and were at a different stage in their growth cycle.

“It’s the upper quartile of sales that is weakening the most sharply,” he said.

“This was the market that had the most upswing … affordability is the most stretched.”

Mr Lawless added that higher density housing options remained less popular than detached housing and there were still pockets of the city where the supply of properties was high.

This included the CBD and inner south, which was historically a hotbed of investment activity, but fell out of favour with investors when rents began to drop during the early stages of the pandemic.

“It comes back to buyer preferences,” Mr Lawless said. “We are still seeing a preference for lower density.”

“In time it may change, because people’s budgets can only be stretched so far, but demand for houses is (higher) for now.”

The Agency’s Brad Gillespie said the level of demand from buyers in the inner south had dropped since last year, with the number of registered bidders per auction falling from about 15-20 in 2021 to 4-7 over the past couple of months.

MORE: Suburbs falling out of favour with buyers

Two reasons buyers are pulling back

While there were less bidders at auctions, the quality of those participating had led to some good results for Mr Gillespie, who hadn’t had any auctions pass in so far.

He said he sold a three bedroom terrace in Alexandria over the weekend at auction for $2,555,000, which was more than $350,000 over reserve.

“The market has softened up,” he said.

“That’s not saying it’s going up, but it’s not saying it’s dramatically dropping either.”

MONTHLY CHANGES IN PROPERTY PRICES BY CITY REGION

Central Coast 0.6%
Baulkham Hills and Hawkesbury

-0.4%

Blacktown 0.7%
City and Inner South

-1.0%

Eastern Suburbs

-0.3%

Inner South West

0.3%

Inner West

-0.3%

North Sydney and Hornsby

-0.6%

Northern Beaches

-0.2%

Outer South West

0.4%

Outer West and Blue Mountains

0.9%

Parramatta

-0.1%

Ryde

0.0%

South West

0.8%

Sutherland

-0.2%

Originally published as The Sydney suburbs where property prices are falling the most

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