Melbourne home values recorded a 10th straight month of decline in January, down 0.6% to be 3.3% lower over the past 12 months. Since peaking in March of 2022, Melbourne home values have now fallen by a cumulative 6.9% or approximately 58,000 in dollar terms.
The 2% in values over the past three months is the largest rolling quarterly fall since three months ending January of 2023. Advertised supply levels remain elevated across Melbourne, with listings tracking 6% above the previous five year average and roughly on par with levels recorded at the same time last year.
Melbourne house prices graph
Source: CoreLogic
With high stock levels, the median number of days it takes to sell a property is lifted further to 44 days compared with the median of 39 days a year ago.
You may also want to read: National Housing Market Update
