Australia’s housing market has now entered a downturn with nominal prices down 0.8% over the past year in average weighted terms.
However, in some locations, the downturn has been larger, and longer, than the national average. And in some locations there hasn’t been a downturn at all.
Here’s the proof.
From a chart posted on Twitter today by Cameron Kusher, Research Analyst at CoreLogic, it looks at the real, inflation-adjusted decline in median home prices across Australia’s capital cities from their most recent cyclical peak.
Across all capitals except for Hobart where prices are still rising in both nominal and real terms, declines have been seen across all capitals, ranging from 29.2% in Perth to 2.6% in Melbourne.
The variance indicates that some markets entered downturns earlier than others, reflecting varying economic trends across the country.
On a side note, while this looks at real price movements, it doesn’t factor in holding costs associated with owning property.
It’s yet another example that property prices can go both up and down, something often overlooked by vendors and buyers near the peaks and troughs of the cycle.
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