00:02It's the most expensive city in the country, but there are signs Sydney property is getting
00:09cheaper.
00:10Domain data shows house prices have dropped more than 3% in the past quarter and units
00:16have fallen 1.5%.
00:18Three rate hikes this year has certainly put a dent in borrowing capacity and Sydney is
00:22much more reactive to changes in the cash rate.
00:25We've also got cost of living crisis and weak consumer confidence.
00:30Changes to property taxes are also turning off investors, which is having the biggest
00:36impact in the most expensive suburbs.
00:39The sentiment has changed dramatically and I think investors are now just sitting on
00:42the sidelines.
00:43When you look at those areas that are outer suburbs, that are much more affordable, these
00:49are areas that are actually still rising in price.
00:51Here in Fairfield, which is a hot spot for first home buyers, units have bucked the trend,
00:57rising by 2.5% over the past quarter, while houses have remained stable.
01:02Both property classes are up by around 10% over the past year.
01:06Agents like Gary Attard say it's a mixed picture.
01:10At the moment we are still seeing some demand for apartments.
01:14I would say purely because of the affordability of the apartment market, where the houses and
01:21properties with land unfortunately are still out of reach.
01:25Almost two thirds of people want property prices to drop, according to a recent Resolve poll,
01:32a sign of optimism for a more affordable market.
