Data compiled by Fairfax’s Domain Group shows prestige home prices, or homes worth more than $1.2 million, fell 6.7 per cent in the September quarter, extending the decline this year to 11.5 per cent.
But homes priced below $515,000 performed far better, falling 2.3 per cent in the September quarter and are down 3.9 per cent this year.
Homes priced between $515,000 and $1.1 million slid 2.5 per cent, extending the yearly rout to 4 per cent.
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David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
Data compiled by Fairfax’s Domain Group shows prestige home prices, or homes worth more than $1.2 million, fell 6.7 per cent in the September quarter, extending the decline this year to 11.5 per cent.
