Home prices falling in Sydney, Perth
The median house price in Sydney and Perth is falling, while prices in Melbourne, Brisbane and Adelaide are still going up in affordable areas for first home buyers. In Sydney, the average outer-suburban home is worth less today than it was in 2003. In Perth, prices have been going down this year. In total, 81 suburbs surveyed by RP Data for The Australian have recorded capital losses since 2003. Eighty of which are in Sydney, mostly in Liverpool, Bankstown outer western suburbs – one suburb is Cranbourne South in Melbourne. The top of the market suburbs in the east and Toorak in Melbourne are also expected to record big price falls.
Source: The Australian