How Australia’s housing bust compares internationally

By Leith van Onselen

Last week I produced a chart pack benchmarking Australia’s current housing bust against prior episodes over the past 30-plus years, which showed that:

• Australia’s current price decline at the capital city level is the equal second longest since the early 1980s, but the deepest in terms of depth;
• Sydney’s is the second deepest decline versus prior episodes, as well as the third longest in terms of duration;
• Melbourne’s decline is the deepest thus far and the third longest in terms of duration; and
• Perth’s decline is both the longest and deepest in recorded history.