For the second month in a row Melbourne dwelling values fell by -3.2% in January 2018 taking values -0.4% lower than their peak.
Core Logic has released their newest housing market update for February 2018.
You can check out the local report for Brisbane.
After dwelling values surged 59% between February 2012 and November 2017, Housing affordability is stretched.
Although it remains more affordable to buy a dwelling in Melbourne compared with Sydney.
Melbourne continues to benefit from very strong net overseas and interstate migration which should support housing demand however, the moderate value declines may persist over the coming months.
With the recent slip in dwelling values against gradually rising rents, Melbourne rental yields have marginally lifted from their record low base, but remain the lowest of any capital city.