Sydney house prices down atleast $1190 today. $4,570, this week, $156k since their peak.
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Pandemic gains to be erased by year’s end.
NOTE: This prediction has been retracted.
This saturday Core Logic released data showing a day on day drop of .18 index points, from 195.06 to 194.88.That’s about .09% or $1191. That’s $49.65 per hour, 83 cents per minute, and 1.4 cents per second.
Today’s number brings the weekly total to $4,570 (a slightly larger fall than last week) and the total falls since the february peak to $155,824.
As I wrote in last weeks update:
It’s also worth noting that all these dollar amounts are conservative, since the home price index also includes apartments, the prices of which have been falling more slowly than houses during the recent downturn. By applying the falls in this index to average house price values, rather than average dwelling values I am guaranteeing that my estimates do not exceed the true falls — which are likely significantly higher.
By this calculation, we are still about $70k above the December 2020 average price of $1,211,488. That means we are on track to erase these gains in December of this year or January of 2023.
However I suspect the next quarterly report from Domain will show larger falls, and a smaller gap to close.
You can see how I sourced and handled this data in the video bibliography below. Let me know if you spot any errors!
