Housing slump delivers $130k hit to household wealth in parts of Sydney

Sydney’s housing market slump has delivered a six-figure hit to the net worth of families in major city regions as uncertainty over Labor tax reforms and fears of more rate hikes send home values plunging. Exclusive figures from realestate.com.au have revealed home values have dived more than $100,000 below levels reported last year in multiple city areas, with much of the fall occurring in recent months. The research showed dwelling values were down an average of 3.6 per cent across Greater Sydney in the year to September, but the citywide figures masked a wide variance in price shifts across city regions. Home prices dropped by an average of 5.51 per cent annually in the northern beaches, which wiped nearly $130,000 off the average value of dwellings in the area. The average drop across the north shore was 6.38 per cent, or about $111,000, while in the Hills district it was 5.96 per cent, or about $110,000, according to the realestate.com.au figures. MORE: Central Coast home cops huge $5.32m loss REA Group economist Eleanor Creagh said the negative wealth affect of the downturn could push down household spending. Picture, John Gass MORE: Now illegal: Council in Sydney to rip down...