Joye Analysis: Housing Price Drops Nearing 40-Year Low in Australian Cities
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New informationRepeats or wire copies
What happened
Christopher Joye analyzed major price drops across Adelaide, Sydney, Melbourne, and Perth. His analysis, based on 36 years of historical information, found that the Cotality Daily Index is currently down 5.7% at a five-capital-city level. The largest price fall recorded in this group was 8.6% between October 2017 and May 2019. Joye noted that specific capital cities experience price fall cycles larger than the aggregate market performance.
From macrobusiness.com.au
Why it matters
The analysis suggests that if current price decline rates continue, a new 40-year record for housing prices could be set by Christmas. The report highlights that housing market performance varies significantly between the four cities, with Sydney's largest correction occurring between June 2017 and May 2019, where dwelling prices fell by 12.9%.
From macrobusiness.com.au
Who's involved
- Christopher JoyeConducted the analysis of historical housing price movements.
- AdelaideOne of the four capital cities analyzed for price corrections.
- SydneyOne of the four capital cities analyzed for price corrections.
- MelbourneOne of the four capital cities analyzed for price corrections.
- PerthOne of the four capital cities analyzed for price corrections.
How it developed
Newest first. Tap a step to see who reported it.High OCR reduces borrowing capacity, causing pronounced housing market downturn in Sydney and Melbourne.1 source
Joye analyzed major price drops in four Australian cities.1 source