sydney 4

Sydney’s median house prices fell by 3.1 per cent in December,the first drop since June 2012 ,according to the Domain House Price Report.

After three years of soaring property prices in Sydney, house prices have fallen by the largest quarterly drop on record.

Median house prices are likely to recede below the million-dollar benchmark by mid-year, Domain Group senior economist Andrew Wilson said.

This quite a sobering, startling result. The rollercoaster of house price growth Sydney has been on has clearly crashed,” Dr Wilson said.

Apartment prices decreased by 2.8 per cent over the December quarter – the first fall since March 2013.

Source: http://www.domain.com.au/

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