The suburbs with the largest drops were mainly in the lower north shore, inner city and eastern suburbs of the city.
Woollahra, near Sydney’s eastern beaches, saw an average price fall of $501,887, or 15.2 per cent. The median price for a property in Woollahra remains $2.8 million.
Prices in Cremorne dropped approximately $486, 000, and Cronulla fell $477,000. Paddington, Mosman and Northbridge all fell about $228,000.
Prices recovered slightly after the federal election, interest rate cuts and the easing of lending restrictions by banks in response to the drops, however prices across the city are still significantly down from their mid-2017 highs. The city-wide median house price at the end of 2019 was still an eye-watering $974,000, after decades of interest rate- and immigration-fueled property price inflation.
What remains unclear is the impact such black swan events as the Wuhan coronavirus shutdown will have on the direction of prices in 2020.
Originally published at End Times Herald.