PHOTO: The Hunters Hill waterfront property sold in December for $4.9 million, down from $5.15 million in 2016.

Performance anxiety has gripped Sydney’s prestige market as it grapples with the comedown from last year’s high-end bonanza and a stalemate develops between buyers and sellers.

As cracks appear in parts of the top-end market, prestige agents fear that the broader market malaise which saw Sydney’s median house fall 9.9 per cent last year has started to spread up the price chain, in particular to the bottom rung of the $5 million-plus prestige market.

It’s a turnaround on the previous 12 months in which Sydney recorded its best-performing ultra-prestige market, capped off by the record $100 million sale of the Point Piper estate Fairwater.