The country’s wealthiest suburbs are now the most favourable markets for deep-pocketed home buyers after house prices slumped as much as 13 per cent in some areas over the past 12 months, data from Cotality shows.

Property buyers who were priced out of Sydney’s eastern suburbs, the inner west and northern beaches, along with Melbourne’s inner south, can pick up houses that have been discounted by up to $1 million compared to their median selling price last year.