The AFR unpacked some of the data from CoreLogic to show where home prices have risen and fallen over the past year and it reinforces the need to go granular and to understand what is really going on down on the ground.
They highlighted that wealthy inner-city suburbs in Sydney and Melbourne have recorded the biggest residential property price falls over the last 12 months at the same time as values in some more affordable areas rose.
A long period of high interest rates has put significant pressure on prices in wealthier areas with some investors forced to sell adding to stock on the market even as prospective buyers become more reluctant about taking out a large mortgage coupled with a fear of buying in at heady levels.
We already know that the gap between average prices and affordability has widened substantially and it is unlikely things will turn around any time soon And rate cuts are far from certain at least in the short term.
