Melbourne was the only capital city market to record a decline in dwelling values in June, down 0.2% to be 0.4% lower through the first half of the year.
Melbourne Housing Market Update | July 2024
Growth in house values has acted as a drag on the headline growth rate with a 0.3% decline in the month of June, offsetting a 0.2% rise in unit values.
Melbourne house prices graph
Similarly, it’s the upper quartile of Melbourne’s housing market that’s showing the weakest trend, with values down a further 0.5% in June, while lower quartile values rose by 0.3%.
Listing numbers have also picked up, tracking 17.5% higher than a year ago and 13.5% above the five-year average.
More listings imply more choices and opportunities for buyers to negotiate.
You may also want to read: National Housing Market Update
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