House prices are falling fastest in Sydney and Melbourne’s affluent inner-city and waterfront areas, with some suburbs dropping more than 4 per cent over the two months since Labor’s abolition of tax breaks in the federal budget added to buyer worries about interest rate rises and global uncertainty.Prices in Sydney suburbs near the water in the inner west, including in Balmain East and Drummoyne, and northern beaches suburbs including Bayview and Collaroy, fell the most in May and June, according to analysis by data provider Cotality.
Where house prices have fallen the most since the federal budget
Prices have fallen more than 4 per cent in one Sydney suburb alone since May as the downturn saps buyer confidence at the upper end of the market first.
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