CoreLogic’s head of research, Eliza Owen, has released a report examining why Melbourne is leading Australia’s property downturn:
The July CoreLogic index results show the Melbourne property market is the worst capital city performer since the onset of COVID19. June marked the third consecutive month of value falls across the city. This sees values down -2.3% from the previous quarter,
when the market hit a record high…
Data suggests that the Melbourne market has experienced a turn in its market before others. This was evident in the most recent upswing, where Sydney and Melbourne saw peak growth rates around November 2019, while other capital cities continued to see a more moderate but accelerating growth rate.
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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.
