The PropTrack Home Price Index for June 2024^ reports that home prices in Melbourne fell 0.43% in June, down 0.07% year-on-year. This is the slowest pace of annual growth since July 2023, with prices remaining 3.89% below their March 2022 peak.
Melbourne’s median dwelling value is now $803,000, making it Australia’s fourth most expensive state capital behind Sydney (median of $1.107 million), Brisbane ($840,000) and Canberra ($836,000).
Price momentum is weaker in Melbourne, as buyers have consistently enjoyed more choice relative to other markets. At the same time, construction rates relative to population growth in Victoria have been balanced compared to other parts of the country.
In regional Victoria, home values fell by 0.22% in June, taking the median value to $586,000.
^ https://www.proptrack.com.au/home-price-index/
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