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Affordability, interest rates dampening parts of Sydney market

After two years of eye-watering gains, signs are intensifying that Sydney property prices are softening and the top end of town is leading the decline.

Wealthy Eastern suburbs of Sydney city around Harbour in aerial view with soft morning light and blue sky.
Sydney's wealthy eastern suburbs have enjoyed epic property price rises but signs are emerging of a slowing market.

After two years of eye-watering gains, signs are intensifying that Sydney property prices are softening and the top end of town is leading the decline.

Sydney house prices have raised the roof for the previous 12 to 20 months, with some prestige homes increasing in value almost overnight by more than $5 million dollars.

CoreLogic Head of Research Eliza Owen said the change in dynamics among different value tiers is evident across Sydney.

In th…