The Sydney suburbs where house prices have risen and fallen most

One of the most highly prized regions, the north shore, had mixed fortunes: Neutral Bay and Mosman led the city in price gains, just over 6 per cent, but Gladesville and Epping led the price declines with 18 per cent falling from the median price.

In the past year alone, the citywide median house price was down 11.5 per cent to $1,027,962, according to Domain’s latest quarterly house price report, released this week. Since the peak in 2017, it has fallen 14.3 per cent.

Units prices also varied across Sydney with city and eastern suburbs recording modest gains as well as significant drops: Darling Point and Zetland increased by more than 4 per cent over the year, while Double Bay and Little Bay prices declined more than 16 per cent.

Domain senior research analyst Nicola Powell said buyers were slowly capitalising on falling prices.

“Buyers have had a falling market for some time. They’re savvy as well, buyers are placing those cheeky offers,” Dr Powell said. “There has been renewed interest because buyers are seeing value and are feeling they are towards the end of the downturn.”

For Heather and Matthew Abrahams, a cheeky offer on a discounted property in Epping secured their dream home.

“We put in an offer of $1.38 million. We knew at the time it was a bit cheeky, but we were more interested in a negotiation than outright refusal,” Mrs Abrahams said. They eventually settled on $1.42 million, down from an initial asking price of $1.6 million.

“We were over the moon,” Mrs Abrahams said. “We were very lucky because the market condition facilitated it for us. It has allowed us to realise a dream for our family. I wasn’t sure, in the thick of the price craziness, if we’d ever be able to get that.”

Epping house prices have dropped 17.6 per cent to $1.45 million in the past year, the second steepest decline in Sydney.

Top 20 house price declines

The Agency North selling agent Catherine Murphy said the lower prices provided a great opportunity for many families once locked out of the suburb.

“A lot of people grumble about the banks putting the brakes on our marketplace. But two to three years ago, young people who grew up in the suburb weren’t able to buy back into their suburb. Now they’re able to,” Ms Murphy said.

“We grew exponentially, and we had much further to come back than other suburbs.”

Top 20 house price increases

There were just 13 suburbs in Sydney where house prices increased in the past year. The majority of those gains were recorded in Central Coast suburbs, including Avoca Beach and Budgewoi which recorded a 5.8 per cent and 5.1 per cent rise in the past year, respectively.

Dr Powell said it was no longer a seasonal trend but a reality of Sydney’s expensive median house price, despite the correction in the past year.

“There is a ceiling price for suburbs. If a price is too high, buyers will move further afield and re-evaluate, making those life changes to provide a better lifestyle for their families,” she said.

Top 20 unit price increases

But the rare price gains in Sydney have been incredibly modest compared to the double-digit declines, according to EY’s chief economist Jo Masters.

“Seven out of the 20 [suburbs that recorded price rises for units] had less than one per cent growth. The falls are very, very sharp and the rises have been incredibly modest,” Ms Masters said.

She said city and eastern suburbs units saw price gains because the area was desirable and had plenty of amenities.

Top 20 unit price decreases