Joye: Housing bubble “grinding to a halt”

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From Chris Joye today:

So Sydney house prices have fallen in April for the first time on a month-on-month basis since December 2015, validating last week’s call that the easy-money fuelled Aussie housing boom is grinding to a halt.

According to CoreLogic’s daily hedonic index—the only measure that tracks price movements on a timely basis—home values across the nation’s largest metropolis have fallen 0.1 per cent in the first 27 days of April. This represents a dramatic deceleration in momentum given Sydney dwellings recorded total capital gains of 5 per cent over the March 2017 quarter alone.

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About the author
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.