Australia markets closed

Property prices in these Sydney suburbs have dropped to 2015 levels

Young couple holding a sold sign in a luxury home. Source: Getty

Sydney property prices have been falling since their peak in 2017, and while they’re still tough to reach for first home-buyers, they’ve dropped to prices last seen in 2015.

Several suburbs on the upper north shore have dropped back to levels last seen four years ago, with Epping’s median house price slipping to $1.45 million from its peak of $1.81 million in 2017, according to Domain.

Prices in North Bondi have dropped over $500,000, with the median house price now sitting at $2.53 million as compared to a peak of $3.07 million in 2017.

Inner western suburbs like Petersham and Alexandria will now cost you around $1.263 million and $1.372 million respectively from their peak of $1.6 and $1.7 million in 2017.

Here are the Sydney suburbs where house prices have fallen to 2015 and 2016 levels:

Sydney median house prices compared with their peak at 2017. Source: Domain.

Domain research analyst, Eliza Owen, said these suburbs have had higher-than-average declines in the 12 months to March.

But home-buyers looking for a bargain should avoid Balmain, Annandale and Rozelle, as Owen says these areas have fared better over the last year, and are still sitting at peak levels.

She says units in some suburbs have dropped to 2014 prices, with home-buyers snapping up the best bargains in Double Bay or Granville, where units dropped to $1.24 million and $460,000 from their peak of $1.59 million and $600,000 in 2017 respectively.

In Paddington, units have dropped a whopping $200,000 to their 2016 level of $843,000.

Here’s a list of suburbs where unit prices have dropped to 2015 levels:

Sydney median unit prices compared with their peak at 2017. Source: Domain.

The Agency North agent, Catherin Murphy, said young families and couples were buying again when they couldn’t previously compete, adding that vendors selling in this current market were only doing so out of necessity.

Make your money work with Yahoo Finance’s daily newsletter. Sign up here and stay on top of the latest money, news and tech news.