The index is a combined look at Australia's capital cities
- Down 0.6% m/m
- Down 3.7% y/y
For those familiar with Australia, you'll know that price moves in the high volume Sydney and Melbourne markets have an outsize impact on this index. When house prices were surging in these two cities movements elsewhere were not nearly so strong (in general) or even negative but the index was gaining. Now that prices in those two cities have been on the retreat the index is falling too:
- Sydney down 6.1% y/y
- Melbourne down 3.4% (in your face, Sydney ;-) )
An amusing point on the CoreLogic measures is that when they were rising the doomers were persistently cross (especially with me, LOL) that it was going up, even to the extent of many saying it should be ignored and not reported. Now that the index is falling though and confirming their bias its back in favour with the end of the world crowd. LMAO. You really can't make this stuff up!
