Melbourne house prices tumble to 2021 levels after $63,500 wipeout

Melbourne’s median house values tumbled again in September, dropping almost $2000 to reach $960,000, leaving the typical home languishing at 2021 levels for a second month.The 0.2 per cent decline for the month was one of the softer reductions around the country, but it has compounded over the past 12 months to a $63,500 (6.2 per cent) wipeout, according to realestate.com.au’s latest Home Price Report released today.Melbourne homeowners have watched their residences’ values sink to 2021 levels, and still losing ground, as they grapple with a rate hike expanding their mortgage.And with an interest rate hike yesterday, and another potentially on the cards, a leading economist has noted it could just take an impact to jobs in Melbourne to worsen the downturn.RELATED: RBA cash rate hike delivers five-figure blow to first homebuyer budgetsNational housing target falters as home approvals fall across AustraliaAustralians spend record $100bn on new homes amid tradie shortage It’s a double blow for the city’s homeowners after the Reserve Bank hiked interest rates for the fourth time this year on Tuesday, leaving them paying hundreds and even thousands of dollars more a week for a home that...