Sydney property prices fall for first time since 2020: CoreLogic

For the first time in 17 months property values in the nation’s largest and most expensive capital city, Sydney, have fallen according to new figures from CoreLogic.
Released yesterday, CoreLogic’s latest Home Value Index recorded a 0.1% monthly drop in Sydney’s median home value to $1,116,219, though the median value in the city is still 22.4% higher over the year.
Sydney’s slight price drop wasn’t enough to halt the continued uplift in the national median home value though, which rose 0.6% to a new high of $728,034.
“Sydney and Melbourne have shown the sharpest slowdown, with Sydney (-0.1%) posting the first decline in housing values since September 2020, while Melbourne housing values (0.0%) were unchanged over the month, following similar results in December (-0.1%) and January (+0.2%),” said director of research at CoreLogic, Tim Lawless.
The picture was different in Adelaide and Brisbane which, alongside many regional areas, recorded notable increases in value over the month.
“Conditions are easing less noticeably across the smaller capitals, especially Brisbane, Adelaide and Hobart, where housing values rose by more than 1% in February. Similarly, regional markets have been somewhat insulated to slowing growth conditions, with five of the six rest-of-state regions continuing to record monthly gains in excess of 1.2%.”
Australian home value changes - CoreLogic Home Value Index (March 1, 2022)
Monthly | Annual | Median value | |
Sydney | -0.1% | 22.4% | $1,116,219 |
Melbourne | 0% | 12.5% | $799,756 |
Brisbane | 1.8% | 29.7% | $722,433 |
Adelaide | 1.5% | 25.8% | $593,833 |
Perth | 0.3% | 8.6% | $535,335 |
Hobart | 1.2% | 26% | $724,366 |
Darwin | 0.4% | 12.3% | $495,573 |
Canberra | 0.4% | 23.8% | $909,739 |
Regional areas | 1.6% | 25.5% | $564,496 |
One of the major reasons for the difference in price movement is the issue of supply. According to Lawless, buyers have far more choice in Sydney and Melbourne at present, while the pickings remain relatively slim in the smaller capital cities.
“The cities where housing values are rising more rapidly continue to show a clear lack of available properties to purchase. Total listings across Brisbane and Adelaide remain more than 20% lower than a year ago and more than 40% below the previous five-year average.”
RELATED: March home loan snapshot: Fixed mortgage rates continue to soar
Looking to purchase a property in 2022? Chances are that you’ll need a home loan to make that happen, so familiarise yourself with some of the various types of options available by heading on over to our handy home loan comparison hub.
Compare home loans - last updated 14 May 2022
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Smart Booster Home Loan
2 Year Discounted Variable Rate, Owner Occupier, Principal & Interest, <80% LVR
interest rate
comparison rate
Initial monthly repayment1.85% p.a.variable for 24 months and then 2.25% p.a. variable2.21% p.a.New super low introductory rate home loan for two years. Min 20% deposit. No monthly or ongoing fees. Fast settlement times. Mozo award-winning online lender. Friendly, local Australian based team.
CompareCompareSmart Booster Home Loan
New super low introductory rate home loan for two years. Min 20% deposit. No monthly or ongoing fees. Fast settlement times. Mozo award-winning online lender. Friendly, local Australian based team.
- interest rate
- 1.85% p.a.variable for 24 months and then 2.25% p.a. variable
- comparison rate
- 2.21% p.a.
- interest rate
- 1.85% p.a.variable for 24 months and then 2.25% p.a. variable
- comparison rate
- 2.21% p.a.
- Upfront fees
- $520
- Ongoing fees
- $0.00
- Discharge Fee
- $0.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- Optional - with 0.10% additional interest
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $50,000
- maximum borrowing amount
- $1,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
Read our Mozo Review to learn more about the Smart Booster Home Loan
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Neat Home Loan
Owner Occupier, Principal & Interest, LVR <60%
interest rate
comparison rate
Initial monthly repayment1.89% p.a. variable1.90% p.a.Competitive variable rate. Borrowers choose their repayment schedule (weekly, fortnightly or monthly) Make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.
CompareCompareNeat Home Loan
Competitive variable rate. Borrowers choose their repayment schedule (weekly, fortnightly or monthly) Make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.
- interest rate
- 1.89% p.a. variable
- comparison rate
- 1.90% p.a.
- interest rate
- 1.89% p.a. variable
- comparison rate
- 1.90% p.a.
- Upfront fees
- $250
- Ongoing fees
- $0.00
- Discharge Fee
- $300.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 60.00%
- minimum borrowing amount
- $80,000
- maximum borrowing amount
- $5,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
Read our Mozo Review to learn more about the Neat Home Loan
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Celebrate Variable Home Loan
<60% LVR, Owner Occupier, Principal & Interest
interest rate
comparison rate
Initial monthly repayment2.14% p.a. variable2.14% p.a.Rates have moved in line with RBA. Fast and efficient online application. Automatic discounts as loan is paid down. Free extra repayments and redraw facility. Zero fees. Min 40% deposit required.
CompareCompareCelebrate Variable Home Loan
Rates have moved in line with RBA. Fast and efficient online application. Automatic discounts as loan is paid down. Free extra repayments and redraw facility. Zero fees. Min 40% deposit required.
- interest rate
- 2.14% p.a. variable
- comparison rate
- 2.14% p.a.
- interest rate
- 2.14% p.a. variable
- comparison rate
- 2.14% p.a.
- Upfront fees
- $0
- Ongoing fees
- $0.00
- Discharge Fee
- $0.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- yes
- Maximum loan to value ratio
- 60.00%
- minimum borrowing amount
- $100,000
- maximum borrowing amount
- $2,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
Read our Mozo Review to learn more about the Celebrate Variable Home Loan
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Basic Home Loan
Owner Occupier, LVR<60%, Principal & Interest
interest rate
comparison rate
Initial monthly repayment2.39% p.a. variable2.39% p.a.Competitive low variable rate. No application or account management fees. Flexibility to split your loan and set different repayment types. Fee free withdrawals of your savings.
CompareCompareBasic Home Loan
Competitive low variable rate. No application or account management fees. Flexibility to split your loan and set different repayment types. Fee free withdrawals of your savings.
- interest rate
- 2.39% p.a. variable
- comparison rate
- 2.39% p.a.
- interest rate
- 2.39% p.a. variable
- comparison rate
- 2.39% p.a.
- Upfront fees
- $0
- Ongoing fees
- $0.00
- Discharge Fee
- $400.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 60.00%
- minimum borrowing amount
- $150,000
- maximum borrowing amount
- $5,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Monthly
- Special Offers
Read our Mozo Review to learn more about the Basic Home Loan
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Mozo experts choice awards won:
- Best New Home Loan - 2022
- Low Cost Home Loan - 2022
Variable Home Loan
Owner Occupier, Principal & Interest
interest rate
comparison rate
Initial monthly repayment1.99% p.a. variable1.99% p.a.Purchase and Refinance. No upfront or ongoing fees. Fast digital application. 100% offset sub account with no account or redraw fees. Comes with a Visa debit card, mobile App, and digital wallet. 20% deposit or equity required. Mozo Experts Choice winner for Best New Home Loan and Low Cost Home Loan 2022. 18 years and over.
CompareCompareVariable Home Loan
Purchase and Refinance. No upfront or ongoing fees. Fast digital application. 100% offset sub account with no account or redraw fees. Comes with a Visa debit card, mobile App, and digital wallet. 20% deposit or equity required. Mozo Experts Choice winner for Best New Home Loan and Low Cost Home Loan 2022. 18 years and over.
- interest rate
- 1.99% p.a. variable
- comparison rate
- 1.99% p.a.
- interest rate
- 1.99% p.a. variable
- comparison rate
- 1.99% p.a.
- Upfront fees
- $0
- Ongoing fees
- $0.00
- Discharge Fee
- $0.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- yes - offset sub account
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $100,000
- maximum borrowing amount
- $2,500,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Monthly
- Special Offers
Read our Mozo Review to learn more about the Variable Home Loan
-
Mozo experts choice awards won:
- Low Cost Home Loan - 2022
Variable Rate Home Loan
Owner Occupier, Principal & Interest, LVR <80%
interest rate
comparison rate
Initial monthly repayment1.89% p.a. variable1.79% p.a.Owner-occupier refinancers only living in NSW and VIC. Receive up to an additional 0.15% off your rate as you pay off the loan. Receive bonus payments up to $2,500. (T&Cs apply)
CompareCompareVariable Rate Home Loan
Owner-occupier refinancers only living in NSW and VIC. Receive up to an additional 0.15% off your rate as you pay off the loan. Receive bonus payments up to $2,500. (T&Cs apply)
- interest rate
- 1.89% p.a. variable
- comparison rate
- 1.79% p.a.
- interest rate
- 1.89% p.a. variable
- comparison rate
- 1.79% p.a.
- Upfront fees
- $0
- Ongoing fees
- $0.00
- Discharge Fee
- $0.00
- Extra repayments
- yes - free
- Redraw facility
- no
- Offset account
- no
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $20,000
- maximum borrowing amount
- $2,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Fortnightly, Monthly
- Special Offers
Read our Mozo Review to learn more about the Variable Rate Home Loan
* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
** Initial monthly repayment figures are estimates only, based on the advertised rate, loan amount and term entered. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
^See information about the Mozo Experts Choice Home Loan Awards
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