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By Tim Lawless

Melbourne housing market update [video] | May 2024

Australian home values moved through a 15th straight month of growth in April with CoreLogic's national home value index rising by 0.1%, on par with the pace of gains recorded in February and March.

Melbourne is the only capital city where housing values fell over the first four months of the year, nudging 0.3% lower.

Melbourne Housing Market Update | May 2024

The supply of homes is nowhere near as tight as other capital cities with listings tracking almost 10% higher than at the same time last year and 7% higher on the five-year average.

Melbourne house prices graph

Melbourne Dwelling Values April 2024

On the flip side, the softer growth conditions mean Melbourne is one of the few cities where housing affordability has shown some level of improvement.

While housing values are relatively soft, rents continue to rise swiftly, up 10.2% for houses over the past year and 8.8% higher across the unit sector.

Melbourne Housing Market Update April 2024

Regional markets have shown slightly stronger quarterly growth over the past five months than their capital city counterparts following a ten-month period where the combined capitals index was outperforming.

Looking at value movements over the past 3 months, the strongest regional markets were aligned with the strongest capital cities.

Home sales look to have moved through a cyclical peak in November last year.

Nationally, rents were up 0.8% in April, a slight slowdown in the rate of growth relative to February and March when the national rental index rose by 0.8% and 1% respectively.

You may also want to read:

National Housing Market Update [Video] 

Perth Housing Market Update [Video]

Adelaide Housing Market Update [Video]

Sydney Housing Market Update [Video]

Brisbane Housing Market Update [Video]

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

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