end homes leading housing market downturn in Sydney and Melbourne
High-end housing markets in Sydney and Melbourne are experiencing a downturn, with values dropping over 10% from their peaks. While luxury homes struggle, lower-priced properties remain more resilient amid broader market uncertainty.
Why it matters
The divergence in property values highlights shifting economic conditions and affordability challenges in the Australian real estate sector.
September's property data shows high-end houses have dropped in value. ( ABC News: John Gunn )
Property data shows high-end houses in Sydney and Melbourne are down more than 10 per cent in value from their peak.
Low-priced houses and units continue to show resilience.
An expert says the housing downturn is linked to many factors, including uncertainty and affordability.
Link copied Share Share article Australia's most expensive homes are declining in value, with high-end houses in Sydney and Melbourne down more than 10 per cent from peak levels.
Homes valued in the top 25 per cent have dropped 10.7 per cent below peak levels in Sydney and 10.5 per cent in Melbourne, according to property data.
Cotality's September housing charts, which track housing value movement, reported that the median value of these expensive homes is $2.1 million in Sydney and $1.2 million in Melbourne.
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