Taking in Corelogic market trends data, REINSW analysed median sales prices for houses and units in the state for the three months to April.
The data shows 81 per cent of Sydney house and unit markets recorded a drop in median prices, down an overall 2.7 per cent across Sydney for the three months to April.
State-wide, 68 per cent of house and unit markets recorded falls in median sales prices. When comparing all of the 944 house and unit markets for New South Wales, the analysis showed the state recorded an overall decline of 1.7 per cent in the median sales price.
Despite the declines, McKibbin said he anticipates property price drops across the state to slow.
“The decline in property prices we have seen over the past year is likely plateauing,” McKibbin said.
“Market engagement evidenced, in part, by improved auction clearance rates supports that supposition.”
“Conditions for vendors are beginning to improve, and the full effect of the RBA interest rate cut is yet to fully kick in,” McKibbon added.