Figures released by CoreLogic have shown that Sydney has fallen by 0.8 per cent, while nationally capitals have fallen by just 0.7 per cent throughout the COVID-19 crisis. “It is likely that Sydney house prices have already dropped more substantially than the public has been led to believe,” says Professor Trueck. By comparing actual sales prices from successful auctions against their estimated prices from valuation models, market watchers are able to gain a better understanding of the true state of the Sydney property market. According to Professor Trueck, his findings show an 8 per cent drop in the housing market. “This suggests that typically unfavourable price outcomes are more likely to not be reported by vendors or real estate agents,” Professor Trueck noted.