If you needed any further proof that there’s no such thing as an Australian housing market, this graphic surely seals the deal.
Posted on Twitter by CoreLogic’s Head of Research Tim Lawless this week, it shows the decline in median home prices by individual region.
For a marker, “Australia’s” housing market downturn began in October 2017. In average weighted terms, nationwide prices have fallen 6.8% over this period as at the end of February.
As the graphic shows, declines in some markets have been significantly larger than the national average, especially in Perth and Darwin, and in some regional areas linked to the mining industry. That’s because the duration of the downturn in these regions has been significantly longer than in other parts of the country.
More recently, median values in Sydney and Melbourne have also fallen faster than the national average. However, while price falls of more than 10% in Sydney have been widespread, similar declines in Melbourne have been limited to only parts of the city, at least at this point in the cycle.
Elsewhere, prices in most other regions have only fallen modestly from the highs. There’s also a handful of regions highlighted with bright green shading, indicating that median prices there have yet to peak.
You can follow Tim on Twitter here.
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