HOMEOWNERS in Sydney’s outer suburbs have been losing as much as $450 a week every week since early 2004 on the value of their properties as the real story of mortgage belt misery begins to emerge.
Since the peak of the boom in early 2004, Sydney’s southern suburbs has dipped the most in value, with the median price falling $82,750 over the ensuing 15 quarters, according to Australian Property Monitors figures.
Other areas where the Australian dream is souring include Canterbury Bankstown which has registered $65,000 in losses, Sydney’s south west $44,500 and Sydney’s west $25,000.
» Sydney house prices in landslide – News.com.au, 3rd March 2008