Australian house prices have been falling for several months, according to data from CoreLogic.
However, as this excellent chart shows, some prices have been falling faster than others.
And some aren’t falling at all.
Posted by Cameron Kusher, Research Analyst at CoreLogic, on Twitter today, it shows that Australia’s most expensive homes are largely responsible for most of the national fall.
Homes in the 10th decile — the top 10% — have fallen by 3.2% since the start of the year, likely reflecting weakness in Sydney and to a lesser degree Melbourne.
Those in the 8th and 9th decile have also fallen by 0.5% and 1.1% respectively since the beginning of the year.
In contrast, those homes in the bottom 60% of values haven’t fallen at all — they’re flat.
It provides a reminder that Australia is not one housing market but many, with the 0.8% drop in national values since December largely reflecting weakness in the top end of the market.
You can follow Cameron on Twitter here.