This was out of reach of average income buyers wanting to avoid “housing stress” — that is defined by spending more than a third of income on mortgage repayments.
But since then, average prices in these areas have dropped significantly which, coupled with lower interest rates, made the suburbs affordable for middle-income buyers again.
A similar trend occurred in Sutherland Shire suburb Jannali, where the median price of units dropped by 17 per cent to hit $615,000.
Median unit price falls of up to 16 per cent in Pennant Hills, West Ryde and Asquith also meant these suburbs were affordable for average households again, after being inaccessible last year.
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