Dwelling values have been falling across Melbourne since November 2017, with the market down 8.7% since peaking.
CoreLogic has released their newest housing market update for February 2019.
The past three months has seen the rate of decline accelerate; in fact, with Melbourne values down 4.0% over the past three months, this the largest decline over any three month period since our index commenced in 1980.
Weakness in the market is most concentrated across the more expensive end of the market.
The most expensive quarter of Melbourne properties has recorded a 12.4% fall over the past twelve months while the least expensive quarter of the market is down by less than 1% over the past year.
The surge in first home buyers since stamp duty concession became avaliable is likely a key factor in stronger housing conditions across the more affordable end of the market.