The ritzy suburbs in one Aussie city where house prices are plummeting
Property prices in some of Sydney 's most glamorous suburbs have taken a tumble despite Australia's otherwise soaring real estate market.
The city's eastern suburbs of Vaucluse, Waverley, Woolloomooloo and Darlinghurst have seen median price falls of up to $750,000.
Affluent northern beaches suburbs Manly and Fairlight have also seen big decreases in property prices over the past year.
Despite falling interest rates leading to an increase in real estate value across the rest of the market, Sydney's most glitzy neighbourhoods have seen prices plummet.
Buyers have instead been turning to more affordable areas as cost-of-living pressures continue to affect Aussies, according to PropTrack data reported by realestate.com.
The reduction in demand in these usually sought after neighbourhoods has put pressure on sellers in these affluent areas while buyers have been given more power to negotiate.
Over the past year, prices in the areas listed, found in the eastern suburbs and northern beaches, fell by an average of more than 14 per cent.
Manly property prices were an average of around $750,000 lower this year compared to 2024 while in neighbouring Fairlight, the difference was around $600,000.
North shore areas including Cammeray, Cremorne, Gordon, Kirribilli, Neutral Bay and Lindfield have also seen huge falls between 10 and 14 per cent.
Southern suburbs Blakehurst, Woolooware and Kingsgrove have seen significant falls in house prices as well as Glebe and Strathfield South, in the inner west.
REA Group economist Eleanor Creagh said uncertainty about the global economy played a huge role in the falling property prices in affluent areas.
'Buyers in some premium markets may have been more cautious,' she said.
'These buyers are typically less sensitive to mortgage rates and more responsive to broader macro-economic factors.
'With recent uncertainty around the economic outlook and volatility in equity markets, some high-end buyers may be exercising caution (and) delaying upgrade decisions.'
Ms Creagh noted that this was in contrast to a rise in Aussies looking to buy houses in areas in the cheaper end of the market.
The Reserve Bank's rate cutes in February and May have resulted in the borrowing capacity for prospective buyers increasing.
This increase has helped to fuel a rise in property prices in some areas, Ms Creagh said.
Although weakness in the market late last year just before the rate cuts needs to be taken into account when looking at the annual price figures.
Auctioneer Damien Cooley, director of Cooley, one of Sydney's biggest auction houses, said house buyers were not interested in properties with drawbacks unless they were being offered at significantly reduced prices.
Homes that are considered 'A-grade', and provide a buyer with everything they are looking for, are still selling well.
But, 'C-grade' and 'D-grade' homes that require substantial improvements were struggling, Mr Cooley said.
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