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Property prices: how low can Sydney go?

Sydney's property market has risen to stratospheric heights over the past decade but the atmosphere is thinning at its lofty altitude, and the question now is whether a controlled descent or crash landing is about to unfold.

Aerial view of Sydney's Northern Beaches at sunset.
The sun may be setting on the Northern Beaches real estate market, where house prices pulled back five to 10 per cent.

It is the country’s most expensive property market by some distance and its growth rate has been on fire over the past few years but how far the mighty will fall is arguably the burning question in Australian real estate.

With Sydney’s median property price currently coming in at a whopping $1,110,660, and for houses at an eye-watering $1,38 million, there’s potentially a long way down.

Compared to the national median dwelling price of A$752,50…