Sydney homebuyers, this may be as good as it's going to get.
That is the message from state's peak real estate body, which has released new data showing the Sydney property market has stabilised, with the median house price down $40,000 from the previous year.
The latest property update from the Real Estate Institute of NSW (REINSW) has found prices for residential properties in Sydney stabilised in the three months to March, and the annual median house price for the 12 months to March dropped by 6.7 per cent to $560,000.
REINSW CEO Tim McKibbin said the figures reveal a buyer's market.
"If you're sitting and waiting for the market to ease further I frankly can't see that happening," Mr McKibbin told AAP.
"Now is an excellent opportunity for purchasers to be coming into the market."
He said prices had mainly fallen in the top end of the housing market, with pricing in Sydney's most affordable suburbs remaining firm.
The annual median price for the city's units for the year to March was $460,000.
The annual median house price in regional NSW cost 60 per cent of the Sydney equivalent, and the equivalent figure for units was 65 per cent.
Some of the most expensive homes sold over the 12 months to March were in posh Bellevue Hill, in Sydney's eastern suburbs, where the median house price was $3,265,000, and waterside Mosman in the city's north, where the median house price was $2,020,000.
At the other end of the scale, buyers in the western suburbs of Tregear and Blackett enjoyed median house prices of $222,500 and $229,000 respectively.