Budget buyers keep outer Sydney property prices resilient as inner suburbs plunge

Auction clearance rates have remained low over spring, but market performance has varied across regions. Picture: Sarah Wilson Sydney’s outer regions have become the last remaining areas resisting the carnage unfolding across the greater city housing market in the wake of brutal rate hikes and government tax reforms. Exclusive realestate.com.au figures showed Sydney dwelling prices dropped another 0.4 per cent over October and are now an average of 6.6 per cent lower than a year ago. Price falls were widespread across suburbs, but there was one major city region where home prices have only recorded minor falls this year, with prices actually increasing over October. Dwelling values on The Central Coast inched up by 0.04 per cent over October and are only 2.4 per cent below levels recorded last year. By contrast, the Hills District and north shore recorded 0.5-0.7 per cent drops for the month and prices in both regions are nearly 10 per cent lower than last year. MORE: China targets Aus homes in $5bn move Treasurer Jim Chalmers’s announcement of property tax reforms in the May budget and RBA governor Michele Bullock announcement of five rate hikes have pushed down values. Dwelling v...