Melbourne’s outer suburbs are still seeing price rises, but those closer to the city are seeing falls which point to a downturn after almost two years of a property boom. | Domaincomau realestate propertyprices
Prices are still up in suburbs like Narre Warren North, which led the way with a price hike of 30.9 per cent to a $1.6 million median over the year to March.Economists are now predicting that Melbourne’s price falls could be similar to the downturn between 2017 and mid-2019.
In pricey inner city suburbs such as Toorak, however, the median house fell 20.7 per cent to $4.4 million, while Armadale also saw prices drop 2.3 per cent to a $2.492 million median. Unit prices fell by 2.2 per cent across the capital, led by suburbs close to universities where international students are yet to return in full strength.Inner Melbourne, Toorak and Box Hill’s unit prices were all down by more than 13 per cent over the year to March.
Ttofari, a plumber by trade, said the couple were looking to buy again in Mordialloc, where house prices are up 13.5 per cent for the year to a $1.175 million median.
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