Melbourne's housing market has ended a 10 month run of value declines, posting a 0.4% rise in values in February. Along with Hobart, Melbourne's monthly rise was the highest of any capital city. The rise in values was driven by houses up 0.4% while the unit sector recorded a smaller 0.2% rise. Similarly, the upper quartile of the Melbourne housing market has recorded a larger rise, up 0.5% in February compared with a 0.3% lift in values across the lower quartile.
Stronger housing conditions can also be seen in the higher clearance rates, which rose to the mid 60% range in February. Melbourne housing remains about 6.4%, or approximately $52,500 below their March 2022 record high.
Melbourne house prices graph
Source: CoreLogic
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