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:
