CoreLogic: Million dollar suburbs shrinking as home values fall

Thursday 14 February 2019

A strong theme of this housing bust has been the degree to which value falls have been driven by the top-end of the market. As shown in the next chart, the top 25% of capital city homes (“High Value”) fell 9.9% in the year to January 2019, versus falls of 4.8% across the middle 50% of properties (“Middle Value”), and 2.0% across the bottom 25% (“Low Value”):

Not surprisingly, then, the price falls have led to a reduction in the number of suburbs boasting million dollar medians, driven by Sydney and Melbourne:

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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.