The prices of houses and units have dropped across the Highlands, CoreLogic data finds.
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The data-led property insight platform released the trends in property prices up to January, 2023.
Mittagong recorded the largest drop in median house values by 11.2 per cent in 12 months, with a median value of $990,574.
CoreLogic economist Kaytlin Ezzy said the "strong" drop experienced in the Highlands was "in line" with other regional areas that skyrocketed as a result of the pandemic.
"Thanks to the strong growth seen over the past few years, much of the relative affordability that these regions offered at the onset of COVID was eroded, making these areas much more sensitive to rising interest rates than in previous rate tightening cycles," she said.
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"Consecutive interest rate rises, reduced borrowing capacity, persistently high inflation, and low consumer sentiment put additional pressure on household budgets, weighing down housing demand."
She said it was unlikely values across the region would increase, unless interest rates stabalised.
The median value of houses across the Highlands was recorded to be $1,178,020 as of January 2023, which went down by 7.6 per cent in three months, and 8.9 per cent in one year.
Units had a median value of $753,458 during this period, which fell by 8.2 per cent in one year and almost four per cent in one quarter.
"Despite having a median value of approximately $424,000 cheaper than its house median at $753,458, Southern Highland units are among the most expensive in regional Australia," Ms Ezzy said.
The median value of units in Bowral was at $841,340, which dropped by 9.1 per cent in one year.
Moss Vale units decreased by 4.4 per cent in one year, with $668,734 as a median price.
The region recorded one of the strongest annual declines in units across regional Australia, the economist said.
Significant drops in house values were also recorded in Braemar at 10.6 per cent in one year, and 10.2 per cent in three months.
Burradoo recorded the highest median house price of $2,287,730, which fell by eight per cent in one year, and the lowest price for houses was $731,610 in Hill Top.
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