Pause in Melbourne property price recovery: PropTrack Home Price Index

Melbourne’s property price recovery stalled in April, but key factors underpinning the market are expected to keep values “resilient”.

The four-bedroom house at 14 Cambridge St, Seaholme, sold for $1.901m in April.

Melbourne’s property price recovery stalled in April, but key factors underpinning the market are expected to keep values “resilient”.

The city’s median home value slipped 0.11 per cent to $795,000 last month, according to PropTrack’s latest Home Price Index.

Melbourne’s median house price dropped 0.2 per cent to $904,000, and the median unit price gained 0.36 per cent to $609,000.

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It comes after a surprisingly solid start to the year for the Melbourne property market, with tight stock levels and returning migration preventing further price falls.

PropTrack economist Eleanor Creagh said “much of the uncertainty” around borrowing capacities and loan servicing would subside “with the end of interest rate tightening in sight”.

“Alongside the rebound in immigration and tight rental markets, there will be sufficient buyer demand to help keep prices resilient,” she said.

The downturn in Melbourne eased at the end of last year, with home values stabilising and increasing slightly in recent months.

The median home price in Melbourne is down 5.94 per cent from its peak in March 2022.

Regional Victoria’s median home price slipped 0.24 per cent to $596,000 in April.

Its median house price was down 0.26 per cent to $617,000 and its median unit price was stable at $443,000.

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