Latest research from the Real Estate Institute of New South Wales (REINSW) reveals that median house and unit prices have fallen in the 12 months to March 2012 in Sydney.
Dropping by $40,000 from 2011 to this year, the median price has declined by 6.7 per cent in the state capital, but data shows the high-end market experienced the steepest fall.
"In particular, prices appear to have been softer near the top end of the market and firmer at the lower end," said REINSW chief executive officer Tim McKibbin on June 29.
Median house prices in this category have fallen by 12.4 per cent while high-end unit prices have dropped by 11.9 per cent.
"With values taking a bigger knock at the top of the price spectrum, the entire market has, to an extent, been propped up by the strength in demand for more affordable properties," said Mr McKibbin.
Those looking to enter the Sydney property market may be encouraged by the recent spike in affordability.
Combined with lower interest rates, it could be a prime opportunity to purchase high-end real estate.
Those interested in property investment in the state capital may also be drawn to the market as a result.
