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News

House prices dropping at fastest rate since the global financial crisis

House prices dropping at fastest rate since the global financial crisis

A new report by Core Logic has found house prices in Australia are dropping at their fastest rate since the global financial crisis.

Sydney recorded a 2.2% fall in prices in July, which is the sharpest downturn in almost 40 years.

Data suggests regional house prices aren't immune either.

The Illawarra's median home value dropped by 1.5% in that same time period to an average of $955,000, while the Southern Highlands and Shoalhaven recorded a 3.1% fall.

The median house price in the Southern Highlands and on the South Coast now sits at $991,000.