Melbourne house prices plunge $65k, now worth less than 2021

Melbourne house values have fallen almost $65,000 since October last year. Melbourne houses are worth less than they were five years ago, with new figures showing the city‘s median value has plunged almost $65,000 (6.3 per cent) since October last year. The Victorian capital is now into its most protracted property market correction since 2019 in the aftermath of an Albanese government overhaul to investment taxes that has caused a “property shock”. Labor’s controversial overhaul of negative gearing and capital gains have triggered the sharpest collapse in housing demand since the beginning of Covid, as homeowners face more interest rate hikes with sky-high inflation not set to ease until 2027. RELATED: Worst start for spring market since Dan Andrews RBA hike tipped as lenders cut rates The bizarre local feature that adds $237k to Melb homes The latest decline follows years of poor home value growth, and now the city’s $964,000 median house price is $7700 (0.8 per cent) less than it was when it started spring in a lockdown in 2021. REA Group’s Home Price Report released today shows $2000 decline in August brought the city into its tenth straight month of declines for house values. ...