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Despite home prices falling across Sydney and Melbourne, the proportion of homes available priced below $700,000 has shrunk, according to Domain:
In Sydney, only 30 per cent of listings fell under the $700,000 threshold during May, according to Domain data. That is a 6 percentage point drop in listings compared to May last year.
The situation was better in Melbourne where 61 per cent of properties fell below $700,000, one percentage point less than a year ago.
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About the author
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.
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