The Sydney suburb where house prices dropped $585k – to a new median of $2.95m

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Plummeting house prices in some of Sydney’s most expensive suburbs are setting the pace for the national real estate downturn, with declines of up to 16 per cent or more in some areas this year as buyers baulk at escalating borrowing costs after successive interest rate rises.

Prices in the small beachside suburb of Malabar in Sydney’s east have fallen $585,000 this year, equivalent to 16.5 per cent, to a median of $2.95 million, the sharpest decline of any suburb in Australia.

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