Sydney house prices fall as market downturn begins | 7NEWS

2 hours ago The News Room

Sydney’s housing market has recorded a 0.9% decline in May 2024, with median values dropping approximately $11,000 according to Cotality data. The downturn, led by Sydney and Melbourne, is attributed to affordability challenges, rising interest rates, and the federal budget impact. Listing numbers remain elevated while clearance rates have fallen to the low 50% range, with the weakness most pronounced in the middle to higher end of the pricing spectrum.

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