Melborne`s down phase commenced in November last year, with the rate of decline accelerating past Sydney`s over the past three months when values were down 1.2%.
Core Logic has released their newest housing market update for June 2018.
Apart from tighter cridit, an increase in the number of propertiesavailable for sale has been a key factor in the slowdown, as well as reduced housing afforability over recent years.
Weaker conditions have been most evident across higher value housing stock.
The most expensive 10% of properties have seen their values fall by 4.8% since peaking last year, while most affordable 20% of properties have continues to see some subtle growth and values remain at record highs.
Similarly, the lower price points of the apartment market seen unit values hold firm over the first five months of the year, while house values have reduced by 1.9%.