Already a subscriber?House prices in some Sydney suburbs where the median sits at $2 million or higher have dropped by as much as 7.5 per cent in the past three months, as poor affordability and uncertainty over interest rates dents demand, data from CoreLogic shows.
have risen, and we haven’t seen any real income growth when you adjust for inflation, until recently. Avalon Beach, North Manly, Palm Beach and Narrabeen on the northern beaches posted a drop of between 3.9 per cent and 4.4 per cent, while Darlinghurst in the city fell by 3.7 per cent. To afford a $2 million property, a borrower typically needs an annual income of around $325,000 or higher if they have other liabilities or dependants, according to Mr Stevens.
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