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Sydney regions suffer six figure price drop as borrowing power reduces

Pricier parts of Sydney are suffering the largest yearly decreases in home values after rising interest rates sent prices tumbling for eight months in a row.

Some Sydney regions saw six figures slashed from property prices over the past year as borrowing power dropped and buyer sentiment waned.

Data powered by PropTrack showed median home values in the popular Northern Beaches region dropped 13.5 per cent in the 12 months to October to $1,944,000.

This represented a decline of more than $300,000.

Values in the eastern suburbs shrank 8.6 per cent or $137,800 to $1,460,000 while a 7.6 per cent drop in the North Sydney and Hornsby region saw the median shrink by $119,400 to $1,438,000.

Sutherland Shire values wound back 7.1 per cent, or $104,250, to a new median of $1,362,000.

While prices across Sydney fell 6 per cent in the year to October, there were six regions where negative growth was greater and seven where it wasn’t as severe.

One region, the south west, recorded slight growth of 0.31 per cent.

PropTrack economist Eleanor Creagh said the data showed higher priced regions were feeling the worst effects of the downturn.

In contrast, more affordable regions such as the outer south west and south west continued to hold up well.

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