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Sydney house prices down $40k in a year

The property slowdown in Sydney has taken around $40,000 dollars off the median price of a house in Australia's largest market in just 12 months.

Sydney median private sale houses prices last week were $940,000, or $40,000 less than a year ago, data from CoreLogic shows.

On a broader measure of the whole market, Sydney home prices are down 1.9 per cent so far in 2018, while in Melbourne the market is 0.5 per cent lower.

AMP Capital chief economist Shane Oliver says prices are expected to remain stagnant in 2018.

"Residential property prices in Sydney and Melbourne likely have more downside but a crash is unlikely in the absence of much higher mortgage rates, much higher supply and a long continuation of recent high construction activity," Mr Oliver said in a note this week.

Corelogic's measure of combined capital city home prices has fallen one per cent in the year to date.

Over the past 12 months Sydney prices have retreated 2.6 per cent, although unit prices are up by $20,000 as more first home buyers look for a toehold in the country's most expensive market.

Melbourne prices have climbed 4.9 per cent in the last 12 months, compared with a previous annual gain of 16.7 per cent.

The median price of a house in Melbourne last week was $745,000.

JP Morgan analyst Henry St John said measures taken by regulators in early 2017 have led to reduced interest-only and investor home lending in Australia's key markets.

"Sydney and Melbourne house prices are slowing, and auction clearance rates have moderated significantly," Mr St John said.

CAPITAL CITY PRIVATE TREATY MEDIAN PRICES

HOUSES

CITY - LAST WEEK / 12 MONTHS AGO

Sydney - $940,000 / $980,000

Melbourne - $745,000 / $707,500

Canberra - $655,500 / $637,500

Brisbane - $525,000 / $510,000

Perth - $500,000 / $490,000

Adelaide - $439,500 / $444,000

Darwin - $505,000 / $565,000

Hobart - $422,500 / $381,200

Combined capitals - $701,809 / $709,754

UNITS

CITY - LAST WEEK / 12 MONTHS AGO

Sydney - $720,000 / $740,000

Melbourne - $563,500 / $522,000

Canberra - $446,500 / $383,564

Perth - $388,250 / $408,000

Brisbane - $384,500 / $395,000

Hobart - $340,500 / $302,000

Adelaide - $325,000 / $323,250

Darwin - $295,000 / $372,501

Combined capitals - $583,238 / $586,999

Source: CoreLogic Property Market Indicator Summary week ending April 8, 2018.

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