Sydney, Melbourne to lead price falls in ‘fragmented’ market | ‘Most severe for decades’: Sel…

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Sydney, Melbourne to lead price falls in 'fragmented' market

Domain forecasts Sydney could see the largest house price declines nationally, of up to $122,000. (ABC News: Grant Wignall)

Domain forecasts house prices could drop up to 7 per cent in Sydney and up to 8 per cent in Melbourne over the next year, as interest rate hikes and tax policy changes impact the market.

A separate report from Cotality showed the median gain from home resales hitting a record in the first quarter of the year, as sellers benefited from years of price rises.

Domain expects unit prices to outperform houses in the coming financial year, as first-home buyers look for affordable options.

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