Melbourne home prices fell 0.30% in September, according to the PropTrack Home Price Index for September 2024^, pushing the median home value down to $792,000.
This is the sixth straight month of declines for the city, with prices falling 2.19% in that period. Home values are now 1.79% below September 2023 levels and 4.82% below the March 2022 peak.
Price momentum is weaker in Melbourne compared to many other state capitals, reflecting the greater choice buyers have relative to other markets. Higher property taxes in Victoria are also playing a role. In addition, the past decade has seen more balanced construction rates relative to population growth in Victoria compared to other parts of the country.
Regional Victoria saw a minor (0.02%) fall in home values in September, taking the annual decline to 1.32%. The median home value across the state’s regions is currently $575,000.
^ https://www.proptrack.com.au/home-price-index/
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