House prices in Sydney to plummet by $60,000 and Melbourne trails closely behind

The worst is yet to come: Home prices in Sydney are set to plummet by up to $60,000 in just ONE year - as Melbourne trails closely behind Economists predict house and apartment prices will continue to fall this year  By 2020, experts predict Sydney house prices could drop by almost $60,000  Only capital cities where property prices to increase are Hobart and Canberra  

By Brett Lackey For Daily Mail Australia

Published: 16:15 BST, 1 April 2019 | Updated: 16:15 BST, 1 April 2019

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House prices in Sydney are expected to continue to fall by a staggering $60,000 by 2020, experts have warned.

The news confirms fears held by current homeowners, but makes way for a promising year ahead for buyers hunting for their next property, according to Finder's RBA Cash Rate Survey. 

All of the countries' largest cities, except for Hobart and Canberra, will see a decline in their housing markets over the next few months, the experts said.   

The panel predicted that house prices could fall by 6.2 per cent in Sydney, lowering the median property cost to $872,242. 

Melbourne closely trails Sydney's flailing market, as residents brace for a 6.5 per cent - or $48,947 - drop in housing prices.  

House prices in Sydney are expected to drop by a staggering $60,000 by 2020, experts have warned (stock image)

House prices in Sydney are expected to drop by a staggering $60,000 by 2020, experts have warned (stock image) 

Apartments would fare even worse, with a predicted decline of 7.7 per cent in Sydney and 7.6 per cent in Melbourne. 

Insights manager at Finder, Graham Cooke, said the cooling market could be an opportunity for first-time buyers to get a start building their property portfolio. 

'With the highest median house and unit price in the country, it's not surprising that Sydney is expected to be hit hardest by the property downturn,' he said. 

'If the predictions hold true, Melbourne and Sydney property still have another 6–8% to drop this year. This means $60,000 more knocked off the average property price in Sydney.' 

While Sydney and

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