For one type of home, the property downturn is deeper than the rest

Property prices in Sydney, Melbourne, Brisbane, Hobart and Canberra, are falling fastest at the top end of the market.More expensive homes in Perth, Adelaide and Darwin are also recording weaker growth than their more affordable counterparts.More expensive homes are bearing the brunt of the property downturn, with new data showing prices are falling fastest at the upper end of the market.

The top quarter of the Melbourne market – dwellings priced above $1,121,863 – dropped 4.5 per cent, while the middle of the market fell 2.4 per cent and the lowest quarter declined 1.2 per cent. The figures do not illustrate the demand for the, which can track a different path given buyers who have had success in business are unaffected by rising mortgage rates.

CoreLogic research director Tim Lawless said the trend that started in Sydney and Melbourne had rippled across the capital cities. “There’s definitely more volatility [in the upper quartile] … but it tends to smooth itself out over time,” Lawless said, adding the upper quartile was ahead over the past decade.

Emmett said the upper end of the market typically led the cycle, and had larger price swings. This was not necessarily due to greater sensitivity to the rising cash rate, she noted, as prices at the higher end of the market started falling at the beginning of the year, well ahead of the first cash rate hike in May, though fixed-mortgage rates were already on the rise at the time.

Source: News Formal (newsformal.com)

High end homes, if you don’t want to click

You really can just recycle stories from every boom and downturn.

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