Sydney's housing market recently experienced a drop in prices, the first in almost two years. Home prices declined by 0.1% in October, indicating a decrease since January 2023.
Affordability concerns have started to discourage potential buyers. Despite this decline, the median home price in Sydney remains close to a record A$1.19 million ($823,780).
On the other hand, the broader Australian property market showed modest growth, with Perth leading the way with a 1.4% increase in dwelling values. Melbourne, however, continued to see a decline, resulting in a slight overall rise of just 0.2% in major cities during the same month.
The mixed performance across different regions highlights the ongoing challenges and disparities within the Australian real estate landscape.