Melbourne’s median house price has fallen by 5.6 per cent in 2022, a fall of around $60,000 from its highest point in December 2021.
House prices have boomed and interest rates may be on the up but rising rents are making it more affordable to buy than rent in nearly 300 Australian suburbs.
Median dwelling values were driven up nearly 30 per cent across the nation since the COVID pandemic struck and it put property out of reach of many buyers.
Australia’s two biggest cities, Melbourne and Sydney, have been long time powerhouses of the nation’s property market but are starting to lag behind.
Hot housing markets around the country look set to attract a crackdown from the Treasurer Josh Frydenberg.
The property price boom around the country is seeing a rise in investor activity.
Apartments out in the suburbs are making a comeback in the property market as a new wave of investor interest and housing affordability struggles cause attention to be turned to the sector.
Melbourne has joined a host of other Aussie capital cities experiencing new median price highs.