It seems that most real estate headlines in the past few years are bad news for home buyers. Unprecedented growth, booming suburbs and government schemes that are only going to accelerate property prices. Even when there is good news, it comes with a caveat: prices have dropped but only over a month, costs are down in one suburb but up in ten.
That’s why data in the latest Domain House Price Report might be better news for buyers. The report found 19 suburbs in Greater Sydney where units are cheaper in 2026 than they were five years ago in 2021.
Sydney suburbs where units have dropped in value
Rather than waffle on for eight paragraphs before giving you the data, here’s a table showing exactly where units in Sydney are cheaper now than five years ago:
| Suburb | Price drop since 2021 | Median unit price |
| Concord | 31.3% | $945,000 |
| Kirribilli | 23.1% | $1,300,000 |
| Lindfield | 13.2% | $1,135,000 |
| Eastwood | 12.5% | $713,000 |
| Blacktown | 10.1% | $448,500 |
| Sydney | 10.0% | $1,025,750 |
| North Kellyville | 6.3% | $630,000 |
| Belmore | 5.5% | $600,000 |
| Kogarah | 5.3% | $720,000 |
| Ultimo | 5.1% | $740,250 |
| Merrylands | 3.8% | $510,000 |
| Turramurra | 3.4% | $845,000 |
| Sydney Olympic Park | 3.2% | $680,000 |
| Darlinghurst | 2.7% | $980,000 |
| Macquarie Park | 2.1% | $815,000 |
| Parramatta | 1.0% | $610,000 |
| Auburn | 0.9% | $570,000 |
| Ryde | 0.4% | $703,500 |
| Carlingford | 0.4% | $692,000 |
Sydney units with the biggest price drop
The five suburbs with the biggest drop in price have been:
- Concord
- Kirribilli
- Lindfield
- Eastwood
- Blacktown
There’s a range of reasons why units here are dropping in price. A big one is supply – when lots of units get built in quick succession, it often leads to a dip but without additional new builds, those units should go up in price too.
Another reason might be a lack of demand. Even though Blacktown is considered part of Sydney, it’s still 40km from the CBD. This location makes it less desirable for a lot of buyers, but with the growth of nearby Parramatta there are plenty of people who could see it as a great location in the coming years.
Affordable suburbs with a price drop
Just because a suburb has seen a drop in property price, it doesn’t mean it’s affordable to everyone. Three suburbs have a median price of over a million for a unit, which is outside the budget of most first home buyers.
The lowest priced suburbs on the list are Blacktown, Merrylands, Auburn, Belmore and Parramatta. The median unit price in these suburbs is between $450,000 and $610,000. Demand in these areas has grown significantly in recent years, as seen in the huge rise of high rise buildings, and as people flock to places like Parramatta, the services and facilities there grow to match.
Buying property in Sydney
Overall, prices in Sydney have gone up over the past five years and the fact that these 19 have gone down for their units isn’t cause for alarm or signs of a crash. Although these areas have seen a drop since 2021, some areas, like Concord, have shown significant growth since 2023. In all likelihood, all of these suburbs will correct over the long-term only stuttering in times when there are large DA approvals for more blocks of units. If you’re looking to buy, getting onto the market sooner rather than later is normally the best option and if it’s purely as an investment you should generally always have the long-term in your mind.
If you want any help securing a mortgage or discussing property options, our team is always happy to help.
