While the housing downturn in Sydney is no good news, home buyers, particularly upsizers, can still take advantage of low home prices to snap up good deals.

Official figures reveal that the median value of Sydney dwellings dropped by 1.8% to $808,500 in December, back to the level recorded in mid-2016. Larger price declines were recorded in areas with high levels of new constructions and new apartments. The suburb Ryde is a case in point, recording the biggest regional price drop of 13.3% over the past year.

Dwelling prices in Canterbury-Bankstown, Parramatta, and the Hills District also fell by roughly 11%. These areas recorded a high supply of new apartment blocks over the past year.

CoreLogic’s Cameron Kusher told The Daily Telegraph that the wide range of choice in areas with more construction activity has given buyers more leverage to negotiate for lower prices. Add to that the fact that the number of potential home buyers who are able to have their mortgage applications approved is significantly smaller than in previous years.

“Not many people can buy, so serious sellers are finding they have to keep cutting their prices. Buyers can see there is a downturn, so there is no impetus to jump into the market … there could be a feeling that if they wait prices will be even lower,” Kusher said.

Given the lower prices across the city, Leanne Pilkington, president of the Real Estate Institute of New South Wales, said buyers – particularly those looking for bigger houses – would be able to take advantage of the first half of the year to acquire properties.

“(Upgraders) may achieve a price less than they would have 12 months ago for their property; the gap to purchase a larger home in the current climate may well be smaller,” she told The Daily Telegraph.

The table below shows the best regions in Sydney to get the best deals:




















Sydney regions/suburbs with lower median dwelling prices

Region

Price change over the past year

Central Coast

-4.8%

Northern Beaches

-6%

Outer west

-7%

CBD and inner south

-7.3%

Outer southwest

-7.8%

North Shore

-8.1%

Eastern suburbs

-8.3%

Inner west

-8.8%

Blacktown

-9.1%

Southwest (Liverpool)

-9.3%

Parramatta

-10.7%

The Hills

-10.8%

Sutherland

-10.9%

Canterbury-Bankstown

-10.9%

Ryde

-13.3%



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