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CoreLogic’s daily home values index for August showed that quarterly values are falling fastest in Melbourne (-2.0%), Sydney (-1.2%) and Perth (-1.9%), which has dragged the five-city index down by 1.3% over the quarter:
As we have reported previously, first home buyer (FHB) stamp duty incentives were introduced in both NSW and VIC from 1 July 2017, which has driven a 56% and 31% respective lift in the number of FHB housing finance commitments versus the prior year:
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
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