CoreLogic’s August chart pack shows that the premium end of the market suffered the biggest declines in the year to July, but have also led the recovery over recent months:
To add more colour, below is CoreLogic data examining price growth across the three broad market segments – bottom 25%, middle 50% and top 25%. This also shows that the most expensive properties have shown the most improvement, and are leading the nascent price recovery.
After experiencing much larger falls than the other two segments (following a larger growth phase), the most expensive segment of the market is seeing the strongest recovery, led by Sydney and Melbourne. This is a trend that has played out before whereby premium housing values fall the fastest initially but also sees the falls cease earlier than other market segments.