Melbourne’s Property Market Shows Signs Of Stabilising

Latest Doman figures reveal

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Melbourne house prices are showing signs of stabilising, with latest data revealing prices fell just 0.5 per cent in the March quarter.

The Domain House Price Report released on Thursday showed the median house price in Melbourne is $1,023,116 in the March quarter, down from $1,028,133 in the December 2022 quarter.

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This means Melbourne’s median house prices are now 6.5 per cent below its peak reached in December 2021, but is still 16 per cent higher than pre-pandemic prices.

However, Melburnians are being advised that it cannot be determined yet if prices have bottomed out yet.

Domain’s chief of research and economics Dr Nicola Powell said to the Age, despite the uncertainty, there were good signs prices might have reached a floor.

“We normally see the more expensive areas lead the price falls and then the recovery,” Dr Powell said.

“This could very well be the bottom of the market, but we need another couple of quarters of sideways movement of prices, or slight improvements, before that is confirmed.”

The report also revealed the top suburbs across the country with improved affordability nationally – with Sunshine the only Victorian suburb to make the list. 

The median unit price in Sunshine for the quarter is $415,000; the most affordable to make the list with an annual change of -29.7 per cent.

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Tricia Mifsud

27 April 2023

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Tricia Mifsud

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