House prices are falling in Melbourne’s expensive inner suburbs as interest rates continue to rise.Some economists predict Melbourne’s house prices will fall by as much as 20 per cent peak-to-trough.Melbourne’s median house price has recorded back-to-back falls, new figures show, in its longest period of decline since the pandemic hit.
Domain chief of research and economics Dr Nicola Powell said Melbourne had recorded its first back-to-back fall in house prices since the 2018-2019 downturn, clipping prices which had soared by 24 per cent between their trough in June 2020 and the end of 2021. On the flip side, in Melbourne’s southeast house prices were up, by 3.5 per cent to a median $804,000. Prices rose in the north-east, north-west and west.
Unit prices were holding steadier, as uncertainty in the market drove buyers to become more cautious and borrow less. A booming rental market was also attracting investors to buy units, Oliver said.“The more uncertain people are about the future, the more they go for something they can afford,” Oliver said.
Really, it has risen 4 or 5 fold over the years. This fall is a drop in the ocean 🤣