House prices in some of the most expensive suburbs in the country, such as Bellevue Hill in Sydney’s eastern suburbs, have fallen by as much as $972,745, or 11 per cent, from their recent peaks, highlighting the RBA’s assessment that the premium end of the market is the most sensitive to interest rate changes.

Median house values in Vaucluse, Double Bay and Bronte also fell sharply, slumping by 8.1 per cent, 12.1 per cent and 13.4 per cent respectively, according to CoreLogic data. In dollar terms, Vaucluse house prices have dropped by $715,691, Double Bay by $758,346 and Bronte by $813,364.