Poor affordability and six consecutive rate rises have wiped 10.1 per cent, or $116,500, off Sydney’s housing values since they peaked in February, reversing a large chunk of the 27.9 per cent surge in values during the pandemic period, data from CoreLogic shows.

Sydney’s premium markets bore the brunt of the decline, led by suburbs on the northern beaches and eastern suburbs, which have racked up more than twice the price drops recorded across the broader market.