{"id":1368,"date":"2019-02-01T10:37:48","date_gmt":"2019-02-01T10:37:48","guid":{"rendered":"http:\/\/pgawards.wpengine.com\/?p=1368"},"modified":"2024-09-18T12:31:11","modified_gmt":"2024-09-18T05:31:11","slug":"more-sydney-suburbs-drop-below-1m-median-price","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/more-sydney-suburbs-drop-below-1m-median-price\/","title":{"rendered":"More Sydney suburbs drop below $1m median price"},"content":{"rendered":"<p><strong>Suburbs with high values record significant declines<\/strong><\/p>\n<figure id=\"attachment_1369\" aria-describedby=\"caption-attachment-1369\" style=\"width: 1000px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"size-full wp-image-1369\" src=\"http:\/\/pgawards.wpengine.com\/wp-content\/uploads\/2019\/02\/More-Sydney-suburbs-drop-below-1m-median-price.jpg\" alt=\"\" width=\"1000\" height=\"667\" srcset=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/02\/More-Sydney-suburbs-drop-below-1m-median-price.jpg 1000w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/02\/More-Sydney-suburbs-drop-below-1m-median-price-300x200.jpg 300w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/02\/More-Sydney-suburbs-drop-below-1m-median-price-768x512.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><figcaption id=\"caption-attachment-1369\" class=\"wp-caption-text\">Circular Quay in Sydney, NSW. siwawut\/Shutterstock<\/figcaption><\/figure>\n<p>Australia\u2019s housing downturn persists\u00a0with about 12 suburbs in Sydney having seen their median home prices plunging below AUD1 million last year,\u00a0<a href=\"https:\/\/www.domain.com.au\/news\/the-sydney-suburbs-dropping-out-of-the-million-dollar-club-797452\/\" target=\"_blank\" rel=\"noopener noreferrer\">Domain<\/a>\u00a0is reporting.<\/p>\n<p>About half of Sydney suburbs now have a median below AUD1.06 million (USD767,100), the Australian property portal noted.<\/p>\n<p>\u201cThe higher end of the market tends to lead when it comes to price declines,\u201d said\u00a0Domain research analyst Eliza\u00a0Owen. \u201cSuburbs with higher values have had more significant declines, which have put them under the million dollar threshold.\u201d<\/p>\n<p>Among neighbourhoods that took the biggest hits was\u00a0Mosman, whose median housing price deprecated by more than AUD150,000 to AUD968,500 in the year to December.<\/p>\n<p>Engadine also saw its median descend\u00a0from AUD1.032 million to AUD892,500 for a staggering year-on-year drop of 13.60 percent.<\/p>\n<p>\u201cWe\u2019ve been reporting a AUD1 million median since 2015. I think buyers had a real acceptance of that million dollar mark,\u201d said Owen.<\/p>\n<p>\u201c[But] they might be more hopeful as more suburbs fall below a million dollar median sales price, however it\u2019s still quite expensive.\u201d<\/p>\n<p>The depreciating markets were situated mostly 20 kilometres or more from the city centre. Most areas to fall below the price threshold were in the city\u2019s south and Canterbury Bankstown area.<\/p>\n<p>Sydney home prices have been down 11.4 percent from a peak in mid-2017, with AMP Capital predicting a fall of 25 percent peak to trough this year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Suburbs with high values record significant declines<\/p>\n","protected":false},"author":2,"featured_media":19804,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1368","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-report","news_country-australia","news_author-property-report"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>More Sydney suburbs drop below 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