Sydney house prices have taken a hit as the economic recession begins to take a toll.
According to CoreLogic data, Sydney house prices declined by .8% in June and for the quarter.
It’s the second month of price declines in the Sydney market.
The median house price in Sydney is now $875,000.
The data does not include information some property agencies have not released. Through March, April and May, many property agencies did not release data due to the ongoing crisis.
Overall, house prices across Australia fell 0.7 per cent in June.
There was a drop of 0.4 per cent decline in May, CoreLogic’s Home Value Index said.
Apartment values in Sydney fell 0.6 per cent, to a median value of $761,790. detached house prices declined 0.6 per cent to $1,016,726.
The biggest overall declines were in Sydney’s most lucrative property markets.
The top 25% of all homes dropped 1.3%.
CoreLogic said the price falls were not as bad as had been anticipate.
“A variety of factors have helped to protect home values from more significant declines, including persistently low advertised stock levels and significant government stimulus,” Tim Lawless, CoreLogic analyst said.
Ryan is Contributing Editor