CoreLogic’s head of research, Tim Lawless, has produced interesting data showing how expensive properties in Sydney and Melbourne are driving Australia’s housing rebound:
After recording the largest losses during the recent housing market downturn, the premium end of Sydney and Melbourne’s housing market is driving the rebound in capital gains…
In Sydney and Melbourne its clearly the prestige end of the market that is driving the strongest capital gains, with values up 4.2% and 4.6% over the September quarter across the top quartile of the market. This was also the sector that recorded the largest decline during the down phase, with Sydney’s top quartile properties remaining 13.6% below their previous peak while Melbourne’s top quartile properties are still 11.9% below their peak…
The full text of this article is available to MacroBusiness subscribers
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.
