{"id":37332,"date":"2018-09-04T07:02:45","date_gmt":"2018-09-04T12:02:45","guid":{"rendered":"http:\/\/olduvai.ca\/?p=37332"},"modified":"2018-09-04T07:02:45","modified_gmt":"2018-09-04T12:02:45","slug":"housing-bubble-pops-in-sydney-melbourne-australia","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=37332","title":{"rendered":"Housing Bubble Pops in Sydney &#038; Melbourne, Australia"},"content":{"rendered":"<header>\n<h3 class=\"entry-title\"><a href=\"https:\/\/wolfstreet.com\/2018\/09\/03\/house-price-condo-bubble-sydney-melbourne-australia-new-construction-supply\/\">Housing Bubble Pops in Sydney &amp; Melbourne, Australia<\/a><\/h3>\n<\/header>\n<div class=\"entry-content\">\n<p><strong>And with impeccable timing, an immense flood of new construction.<br \/>\n<\/strong><\/p>\n<p>In Sydney, breeding ground for one of the world\u2019s biggest housing bubbles, prices of single-family houses dropped 7.3% in August, compared to a year earlier. Prices of \u201cunits\u201d \u2014 condos in US lingo \u2014 fell 2.2% year-over-year. Price declines were the sharpest at the high end, with prices down 8.1% in the most expensive quarter of home sales. Prices of all types of homes combined fell 5.6%, according to CoreLogic\u2019s Daily Home Value Index. The index is down 5.8% from its peak last September:<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-44287\" src=\"https:\/\/wolfstreet.com\/wp-content\/uploads\/2018\/08\/Australia-home-prices-Sydney-2018-08-31.png\" alt=\"\" width=\"482\" height=\"464\" \/><\/p>\n<p>Melbourne, where the inflection point has been lagging a few months behind Sydney\u2019s, is in the process of catching up. Over the three month-period, June-August, prices fell 2.0%, making Melbourne the weakest housing market among the capital cities. By segment, house prices fell 2.7% from a year ago while condo prices still inched up 1.5%. At the most expensive quarter of sales, prices fell 5.2% from a year ago. For all types of dwellings combined, prices declined 1.7% year-over-year, to the lowest level since early June 2017, according to <a href=\"https:\/\/www.corelogic.com.au\/research\/monthly-indices\" target=\"_blank\" rel=\"noopener\">CoreLogic<\/a>. Prices are down 3.6% from their peak at the end of November 2017:<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-44290\" src=\"https:\/\/wolfstreet.com\/wp-content\/uploads\/2018\/08\/Australia-home-prices-Melbourne-2018-08-31-.png\" alt=\"\" width=\"498\" height=\"417\" \/><\/p>\n<p><ins class=\"adsbygoogle\" data-ad-client=\"ca-pub-8212587530282873\" data-ad-slot=\"1767955946\"><\/ins>Corelogic tracks the largest five of Australia\u2019s eight capital cities in a separate index. Due to the size of their housing markets, Sydney and Melbourne weigh the most. In the remaining three of the five capital cities in the index, prices were mixed in August:<\/p>\n<ul>\n<li>In Brisbane, home prices inched up 0.9% year-over-year.<\/li>\n<li>In Adelaide, home prices ticked up 1.0%.<\/li>\n<li>In Perth, home prices fell 2.0%, with houses down 1.5% and condos down 4.4%. Prices have been skidding since late 2014, when Western Australia mining boom turned into a mining bust.<\/li>\n<\/ul>\n<p>The aggregate five capital cities index fell 3.1% in August year-over-year. The index has declined month-to-month for 11 months in a row and is down 3.5% from its peak in October 2017:<\/p>\n<p>\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Housing Bubble Pops in Sydney &amp; Melbourne, Australia And with impeccable timing, an immense flood of new construction. In Sydney, breeding ground for one of the world\u2019s biggest housing bubbles, prices of single-family houses dropped 7.3% in August, compared to a year earlier. Prices of \u201cunits\u201d \u2014 condos in US lingo \u2014 fell 2.2% year-over-year. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[21518,406,2340,9653,1592,4254,4255],"class_list":["post-37332","post","type-post","status-publish","format-standard","hentry","category-economics","tag-austrailia","tag-housing-bubble","tag-housing-market","tag-melbourne","tag-sydney","tag-wolf-richter","tag-wolfstreet"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/37332","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=37332"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/37332\/revisions"}],"predecessor-version":[{"id":37333,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/37332\/revisions\/37333"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=37332"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=37332"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=37332"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}