High-end property hit by steepest price falls as affordable end of Australia’s housing market proves resilient

The property market is facing a rare price correction, with the largest declines concentrated among more expensive homes. Photograph: Lisa Maree Williams/Getty Images

High-end homes are recording steep price falls, while more affordable properties are proving resilient, leaving Australians to experience the market downturn in very different ways, new data shows.

Upper-quartile house values in the country’s two biggest markets, Sydney and Melbourne, are now down more than 10% from their peaks, according to analysis from Cotality.