CoreLogic’s Cameron Kusher has released a new report looking at housing valuations across the capitals, which has found that Melbourne’s housing has never been so expensive relative to other capitals:
Sydney has consistently been the most expensive capital city housing market however, although at one point, Perth was slightly more expensive (after Perth values surged more than 40% annually at one point in 2006 on the back the resources boom). Relative to other capital cities the Sydney premium is recorded at: 23% for Melbourne, 76% for Brisbane, 105% for Adelaide, 100% for Perth, 101% for Hobart, 88% for Darwin and 44% for Canberra.
Despite recent value falls in Sydney, the value gap has not been at such wide levels as it is currently for most cities since late 2003/early 2004. Mr Kusher found that the one exception is the value differential for Melbourne, which over recent years has been substantially narrower than previously.
The full text of this article is available to MacroBusiness subscribers
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
