Sydney’s property prices dropped 10% this year, with $450 a day lost from average home

Sale signage on a residential property in Sydney in September. The declines in property prices for Sydney from the February peak amount to about $116,500 for an average home, CoreLogic says. Photograph: Bianca de Marchi/AAP

Sydney’s property prices have fallen by more than 10% since their mid-February peak, shedding almost $450 a day in value on an average home, and leading other major markets lower, CoreLogic said.

The 10.1% decline for home values in the harbour city so far comes as documents from the Reserve Bank of Australia indicate average property values may sink as much as 20% nationally from their recent highs by the end of 2024. That decline would be the steepest since the 1980s if realised.