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Luxury homes plunge 10% while first-time buyers snap up bargains

Upper-quartile homes in Sydney and Melbourne have dropped over 10% from peaks, but lower-value properties are down less than 6%.

Why it mattersThe crash in luxury property means first-time buyers face less competition and better value at lower price points, but high-end investors are nursing steep losses.

AustraliaSydney and Melbourne buyers and sellers experience dramatically different market conditions depending on their price range; government support schemes are now steering first-time buyers toward the market as investor demand dries up.

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Sydney and Melbourne luxury homes slide past 10 per cent from peak

Top-tier homes fell more than 10.7 per cent in Sydney and more than 10.5 per cent in Melbourne; low-priced properties held steady.

Why it mattersProperty investors and high-end sellers are bearing the brunt; tight affordability and investor caution could weigh on the broader market.