Popular inner-city suburbs topped the list, and agents say it’s because owners of the best homes are holding out for a better time to move.
The biggest increase in median house prices, recorded in Diamond CreekMost Melbourne suburbs have recorded house price falls or only marginal increases over the past 12 months, amid high interest rates and a build-up of homes for sale.
“What you’ve got is the vast bulk sitting between that 5 per cent and negative 5 per cent,” she said. “Melbourne’s housing market has gone sideways.”“The financials of someone looking to upgrade have become hard. They haven’t seen a boost in equity and the cash rate has been higher for longer,” she said.Melbourne’s property market has traded sideways since the Reserve Bank began hiking interest rates in 2022, and resulting cuts to borrowing power have lessened buyer enthusiasm.
“And then also we might have been dragged down a bit by increased supply. Anything with land tax attached to it is for sale.” The upgrade was easier because the Cheesman family was willing to compromise, trading their renovated Carnegie home for a Glen Iris fixer-upper they hope to renovate. “I would have liked to have gotten more for the property I sold, but I had to realise that everyone needs to drop their expectations on what their property is worth, me especially,” he said. “I felt like I got a pretty good deal with the purchase I made.”
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