Homeowners in pockets of Sydney have been selling properties for up to 30 per cent below their advertised price after a steep fall in buyer demand.

Property experts claim sellers have been forced to accept GFC-level price declines due to a weakening market which makes it difficult to achieve the inflated sums properties were fetching six months or even a year ago.


Sydney's median home price fell 1.3 per cent over the three months to December and by another 2.5 per cent in the following three months to March, according to property research group CoreLogic.

The latest three-month decline was the largest since August 2008, near the height of the GFC, and helped push the typical price of a home back down to $880,743.

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