Two-Speed Slump: Luxury Homes Crash 10%, Auctions Freeze, and the Supply Crunch Looms

Australian housing values fell $34 billion in the June quarter — sounds catastrophic until you remember the total housing stock is worth $12.18 trillion. That's a 0.3% dip on a market that's still $948 billion higher than a year ago. The "collapsing" housing market narrative is starting to look more like a correction with an attitude problem.

The Two-Speed Split

• High-end Sydney and Melbourne homes down 10%+ from peaks — Cotality data shows...