High-end property hit by steepest price falls as affordable end of Australia’s housing market proves resilient
Australia's property market is experiencing a price correction, with high-end homes in Sydney and Melbourne seeing the steepest declines. While expensive properties struggle, the more affordable end of the market remains resilient.
Why it matters
This trend highlights the economic disparity in the Australian housing market and the impact of rising interest rates on speculative high-value assets.
The property market is facing a rare price correction, with the largest declines concentrated among more expensive homes. The property market is facing a rare price correction, with the largest declines concentrated among more expensive homes. Housing High-end property hit by steepest price falls as affordable end of Australia’s housing market proves resilient Despite falls in some parts of the market, prices are showing signs of stabilising as investors exit and first-time buyers move in, analysts say
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Prefer the Guardian on Google High-end homes are recording steep price falls, while more affordable properties are proving resilient, leaving Australians to experience the market downturn in very different ways, new data shows.
Upper-quartile house values in the country’s two biggest markets, Sydney and Melbourne, are now down more than 10% from their peaks, according to analysis from Cotality.
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