The areas of Australia where the property falls twice as fast as the rest

A property in Point Piper (pictured), the suburb where former Prime Minister Malcolm Turnbull resides, could cost $ 1.2 million less in a year

Areas of Australia where property prices fall twice as fast as the rest, including a suburb that is losing value at a rate of $ 23,000 per week

  • The suburbs of Australia with the lowest housing prices have been revealed
  • Housing prices in the major cities of Australia have been falling steadily for months
  • Home in the same suburb as Malcolm Turnbull could be $ 1.2 million cheaper in a year
  • Properties in the cheapest neighborhoods are also falling at a steady pace

Brittany Chain for Daily Mail Australia

Housing prices in Australia's major cities have been falling steadily for months, and there seems to be no end in sight.

Multi-million dollar properties in some of Sydney's most affluent neighborhoods are experiencing the fastest price falls in the nation, falling twice as fast as the less wealthy, well-off suburbs.

The total value of property in these suburbs is sliding at a rate of eight percent per year, compared to the average of four percent in properties in lower socioeconomic areas, according to an analysis by investment bank Morgan Stanley.

A property in Point Piper (pictured), the suburb where former Prime Minister Malcolm Turnbull resides, could cost $ 1.2 million less in a year

A property in Point Piper (pictured), the suburb where former Prime Minister Malcolm Turnbull resides, could cost $ 1.2 million less in a year

Morgan Stanley's research (in the picture) shows that the value of properties in the affluent suburbs is sliding

Morgan Stanley's research (in the picture) shows that the value of properties in the affluent suburbs is sliding

Morgan Stanley's research (in the picture) shows that the value of properties in the affluent suburbs is sliding

A property at Point Piper, the home of the oldest Australian prime minister, could be falling by more than $ 1.2 million per year, or $ 23,000 per week, by looking at the average price of the suburban home of $ 15 million.

Alternatively, a house in Schofields in western Sydney, where the average house price is $ 790,000 and the suburb is subject to an annual decrease of four percent, the value of housing is decreasing annually at almost the same rate that a Point Piper property weekly.

Morgan Stanley's analysis attributes this to a combination of factors, including rising interest rates, stagnating revenues and political uncertainty regarding the Labor Party's proposal to modify negative exchange laws.

This research suggests that those who own properties in the wealthiest suburbs not only see their houses diminish their value, but they do so at a much faster rate than the poorer suburbs of the country.

And it does not seem to be slowing down in the short term, with a market analysis that suggests that downward trends have at least one more year of stability.

In Sydney (pictured), property prices fell almost six percent in the last fiscal year

In Sydney (pictured), property prices fell almost six percent in the last fiscal year

In Sydney (pictured), property prices fell almost six percent in the last fiscal year

In Sydney, property prices fell around 5.6 percent in the financial year, while Melbourne and Hobart showed similar statistics.

The biggest price drop in the country occurred in Melbourne in the last three months, with a drop of 7.6 percent.

WHAT SUBURBS ARE AFFECTED

The most expensive suburbs in Australia

10 Double Bay, NSW

Average price: $ 3.81 million

9. Dover Heights, NSW

Average price: $ 4,075 million

8 Rose Bay, NSW

Average price: $ 4,092 million

7 Longueville, NSW

Average price: $ 4,325

6 Tamarama, NSW

Average price: $ 4,388 million

5. Vaucluse, NSW

Average price: $ 4.5 million

Four. Toorak, VIC

Average price: $ 4.6 million

3. Bellevue Hill, NSW

Average price: $ 5,401 million

2. Darling Point, NSW

Average price: $ 6.2 million

1. Point Piper, NSW

Average price: $ 15,542,000

Australia's cheapest suburbs

10 Donald VIC

Average price: $ 117,000

9. Brewarrina NSW

Average price: $ 110,000

8 Peak Hill NSW

Average price: $ 105,250

7 Lightning Ridge NSW

Average price: $ 95,000

6 Birchip VIC

Average price: $ 87,500

5. Rosebery, TAS

Average price: $ 76,250

Four. Dysart, QLD

Average price: $ 75,000

3. Queenstown, TAS

Average price: $ 67,000

2. Norseman, WA

Average price: $ 39,500

1. Andamooka, SA

Average price: $ 34,625

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