McGrath: Actual Sydney/Melbourne property falls higher than reported

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By Leith van Onselen

While CoreLogic’s Daily Index is showing a circa 9% and 6% peak-to-trough decline for Sydney and Melbourne dwelling values:

Real estate agent, John McGrath, has today argued that CoreLogic’s index lags the market and that losses in Sydney are more likely already between 10% to 15%, whereas Melbourne dwelling values have already fallen by around 10%. From The AFR:

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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.