In Melbourne, the market`s resilience to a downturn seems to be wearing off, with month on month declines gathering some momentum.
Core Logic has released their newest housing market update for May 2018.
Dwelling values were down 0.4% in April, taking values 1.1% lower since peaking in November last year.
Similar to Sydney, the local unit market, where price points are more affordable, has shown some relative strength, in fact unit values across Melbourne remain at record highs after rising 0.2% over the first four months of the year.
As the market softens, listings numbers are tracking higher, up 5.1% relative to last year.
Despite the rise in inventory, private treaty selling time remains very low at just 29 days and discount rates are also low, tracking at 4.7% suggesting vendors are still holding some leverage in the selling process.