Melbourne's housing market is continuing to navigate a relatively mild downturn, with housing values falling a further 0.4% in November to be down 2.3% over the past 12 months.
Values are now 5.5% below their record highs set in March of 2022, and they've risen by only 12% over the past five years, which is roughly a third of the growth recorded across the combined capitals at 38.3%. Both house and unit values are trending lower, but it's the house sector recording the larger declines, down 1.2% and 0.7% respectively over the past three months.
Melbourne house prices graph
Source: CoreLogic
Similarly, it's the upper quartile of the value spectrum that's driving the largest falls, with Melbourne's most expensive quarter of the market down 1.4% over the past three months compared with a 0.5% fall in values across the lower quartile of the market.
You may also want to read: National Housing Market Update
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