House prices in some of Sydney and Melbourne’s most sought-after suburbs have fallen by up to $1 million amid a deepening national property downturn that analysts predict could be the most severe in four decades.
The slump has sent prices tumbling in Sydney’s northern beaches suburb of North Curl Curl by 24 per cent, or by $1.024 million, to a median of $3.2 million, marking the sharpest decline of any suburb in the past 12 months, according to housing data provider Cotality.
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