Perth and Darwin property losses near 40%

CoreLogic’s Cameron Kusher released interesting data tracking the real inflation-adjusted decline in Australian dwelling values across the major markets to June 2019.

As shown in the below charts, both Darwin and Perth have experienced vicious housing downturns of 39.9% (Darwin) and 36.3% (Perth), with Darwin’s running for nine years and Perth’s 12.5 years:

It is worth pointing out that Brisbane’s dwelling values have also fallen by 17.1% in real terms over more than 11 years.

Given the ‘recovery’ in Australia’s housing market is expected to be gradual at best, it could take many years (and possibly a generation in some individual markets) before dwelling values return to their former glory.

Unconventional Economist

Leith van Onselen is Chief Economist at the MB Fund and MB Super. Leith is an economist and has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.

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