All suburbs in Melbourne are now recording year on year declines however many have picked up since December . The areas that have seen the biggest declines are many of those that did particularly well through the pandemic and are also those that have seen the biggest jumps over the past 20 years . Stonnington - West has seen its median decline by almost $ 300,000 over the past 12 months but has risen by $ 50,000 since December . The time frame to get cheaper homes in some of Melbourne ’ s most desirable suburbs appears to be narrowing .
The areas seeing the smallest declines in Melbourne are those that see the greatest population growth and are comparatively affordable . House prices in Melton-Bacchus Marsh have barely moved over the past 12 months and have also seen a small increase since December 2022 . Melbourne is on track to become our biggest city within seven years . At the same , we ’ re seeing a drop off in building approvals and construction levels . While it ’ s unlikely we ’ ll see a COVID-style price boom this year , unless more homes are built , prices are going to continue to steadily rise across Melbourne . A housing shortage is already showing up in rental levels and it ’ s likely prices will follow .
13