Years of real estate gains reversed in popular north shore suburb

A unit within this Thornleigh apartment block sold in August for $90,000 less than the price the vendor paid in 2014. An upper north shore suburb that has long been prized as a leafy, family-friendly haven has this year become the epicentre of Sydney’s real estate slump. New pricing data has revealed the suburb of Thornleigh has recorded the sharpest contraction in prices across Sydney, with unit prices plummeting by a staggering 31.4 per cent over the past year. It was the largest drop over the period among Sydney suburbs with more than 50 property sales, according to analysis of realestate.com.au figures. Dwelling prices across Greater Sydney are down an average of about 4.9 per cent from their November peak. Thornleigh’s stunning unit price drop has wiped away years of real estate gains. Units in the area are now an average of 23 per cent cheaper than they were in 2023, and a 4.4 per cent cheaper than in 2021. MORE: Aussie Boomers could lose $3.5tr in new wealth scam Buyer demand has fallen across Sydney as a whole. Picture: Jane Dempster Falling prices within the area have come amid a release of larger numbers of unit stock in nearby suburbs such as Epping, Hornsby and Waitara....