Cremorne, Clovelly and Cammeray recorded some of the largest median price falls last year, the Domain House Price Report for the December quarter shows
Some of the suburbs in the north shore, inner west, city and east had the largest house price drops last year.
“Not every suburb moves at the same time and rate … some suburbs are further along in the price cycle … and they do tend to be more premium areas, and areas that previously saw greater price growth, like the north shore, eastern suburbs and northern beaches.” Powell said prices in more affordable markets were largely holding better, as rising interest rates capped buyer borrowing power, and pushed house hunters to more affordable price points.
The downturn has enabled Mary-Anne Lines to purchase a one-bedroom Pymble unit after 35 years of renting, but it was still harder than expected.
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