‘The downturn’s broadened’: Sydney’s median house price falls to $1.66m

Key points

• Sydney's median house price fell 4.7 per cent over the three months to September, to $1,661,167, the steepest quarterly fall in four years, according to Domain. Unit prices also dropped, by 3 per cent to $820,890.
• Domain economist Nicola Powell said the downturn has spread across regions and property types and is expected to continue. Higher interest rates, cost-of-living pressures and weaker auction results have shifted negotiating power towards buyers.
• The Central Coast was the only Sydney region where house prices rose over the year.