The Australian suburbs where housing prices are losing thousands in the past three months
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The average prices of homes in wealthy suburbs across Sydney and Melbourne have taken a surprising nosedive.
From the beachside suburb of Cronulla to leafy Woollahra in Sydney to sought-after inner city suburbs in Melbourne, these areas experiences a slump in housing prices in the three months to August.
According to data from CoreLogic, almost 30 per cent of suburbs have seen values fall over the quarter.
Read on to see the top 10 suburbs which experienced a housing price tumble.
Cronulla
House prices in Cronulla, Sydney's south, took the biggest tumble over the past three months.
The median house price fell by 6.6 per cent to $2.5 million.
This change marked an average decrease of around $170,000 per home.
Woollahra
Woollahra, an idyllic suburb in Sydney's east, also saw a big slump in prices.
The average house price here dropped 5.9 per cent to $4.6 million, which is around $270,000.
Middle Park
The inner-city Melbourne suburb of Middle Park dropped 5.8 per cent to $2.5 milllion, or about $140,000.
Rosebery
Rosbery in Sydney's inner south also took a dive by 6.3 per cent.
The average house price in this area for the past three months was $2.1 million.
This marked a $133,000 drop in home prices in this suburb.
South Melbourne
South Melbourne buyers also had a lucky streak, with prices dropping by an average of 5.8 per cent to $1.7 million, just shy of $100,000.
Fitzroy
The hip inner Melbourne suburb of Fitzroy had a similar slump of 5.9 per cent.
The median house price here in August was $1.65 million, again slightly under $100,000.
Fitzroy North
Next door in Fitzroy North, prices sank by the same amount at 5.9 per cent, bringing the median price to $1.64 million.
Clifton Hil
Homes in Clifton Hill in Melbourne dropped 6.1 per cent to $1.65 million, marking a modest $100,000 decrease in the average price.
Cremorne
Meanwhile, the inner-city suburb of Cremorne in Melbourne saw the median house price sink to $1.28 million - a 6.1 per cent drop at around $78,000.
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