Domain has reported that house prices in Sydney have dropped by 3.1 per cent after several years as an expensive property market.
The property website said that Sydney's property market price drop is the largest quarterly fall on record.
Prices fell over the December quarter of last year, which was the first time the city has seen a property drop in three years, according to the latest Domain House Price Report.
It's expected that median house prices will continue to fall through this year to below the million-dollar benchmark, which will make a huge difference to the city's property market.
If you're thinking about buying property in Sydney, then now is definitely the time to look as there seems to be an extended period of affordable property coming onto the market.
The break in expensive housing has been largely driven by increasing interest rates for investors and home buyers in October, according to Domain Group senior economist Andrew Wilson.
He said: "The underlying dynamics are still quite strong in the housing market, this is not a correction driven by the fundamentals."
This comment suggests that Sydney still boasts a strong property market, as it has done over the past few years and the decrease in house prices will do nothing to change that.
It wasn't just house prices that fell in Sydney, as apartment prices became more affordable over the December quarter, marking a decrease of 2.8 per cent.
According to information from Domain, it seems that it's the mid-range prices that have been affected by a change in price, as apartments in this category saw a decrease in nearly all parts of Sydney. The only area not to see a decrease was in the north of the city, where prices have remained flat and therefore still affordable.
House prices have seen a particular decrease in Canterbury-Bankstown, which recorded a 5.3 per cent change and buyers or investors should seek to take advantage of cheaper house prices in the south as mid-price range houses have fallen by 4.3 per cent.
