Melbourne housing market update [video] | September 2024

The downturn across Melbourne's housing market has become entrenched, with values falling over the past six months to be 1.4% lower through the first eight months of the year and 1% down over the past twelve months.

Both house and unit values are trending lower, down 1.1% and 0.9% over the past twelve months, with annual falls confined to the upper quartile of the market where values have dropped 2.6% over the year.

Melbourne house prices graph

Source: CoreLogic

Weak housing conditions have been accompanied by a rise in advertised stock levels, with Melbourne listings now 29% above the previous five year average.

Rental growth is flattening, with Melbourne rents up to 0.1% in August, the smallest month on month movements in Melbourne's rental index since June of 2021.

Looking forward, the national housing market should continue to see modest volume increases through to the end of 2024.

You may also want to read: National Housing Market Update

About Tim Lawless Tim heads up the Core Logic RP Data research and analytics team, analysing real estate markets, demographics and economic trends across Australia. Visit www.corelogic.com.au