Melbourne Housing Price Chart
The housing boom in 2021 has pushed house prices in Melbourne to record levels before peaking in February 2022. Melbourne house prices are now falling faster than apartments. However, the decline is not as significant as in other markets such as Sydney or Canberra.
MELBOURNE HOUSING PRICE INDICATOR - JANUARY 2023
|
HOUSE AREA |
MONTHLY CHANGE (23/1) |
QUARTER CHANGE (23/1) |
YEARLY CHANGE (23/1) |
AVERAGE PRICE NOW (23/01) |
|
Melbourne houses |
-1.4% |
-3.4% |
-9.4% |
$905,894 |
Average house prices in Melbourne fell an additional -1.4% in December, pricing at $905,000, bringing an additional quarterly loss -3.4%. The quarterly decline has now fallen to -9.4%. With the forecast of interest rate increasing in the coming months, Melbourne house prices are likely to be higher than the market bottom still.
MELBOURNE HOUSING PRICE CHART
The latest chart from CoreLogic clearly shows the rapid acceleration and then deceleration of the Melbourne property market over the past two years.
Growth during the boom 2021 has been one of the strongest and most significant in Australian history. However, when looking at the broader context over the past 30 years, house prices in Melbourne have risen significantly. The chart below shows that house prices in Melbourne have skyrocketed far beyond all other big cities except Sydney, especially since around 2013.
In recent years, the house owners in Melbourne have enjoyed wealth accumulation due to the increase in value of their real estate properties.
