Listings deluge suppresses Melbourne house prices


CoreLogic’s daily dwelling index shows that Melbourne home values are lagging the nation, rising only 0.1% over the past 28-days, versus 0.7% growth at the 5-city aggregate level:

CoreLogic 28 daily index

Since the beginning of the year, Melbourne home values have fallen by 0.2%, versus 2.5% growth at the 5-city aggregate level:

CoreLogic growth over 2024

CoreLogic’s monthly chart pack has been released and provides key insight into why Melbourne home values are lagging.

As illustrated in the following chart, new listings in Melbourne increased by 32.4% in the year to 7 April, easily outpacing the other capital city markets:

New listings

Total listings in Melbourne also increased by 10.6% over the year to 7 April, whereas listing numbers shrank across all other mainland markets:

Total listings

Melbourne’s auction clearance rates have also fallen this year across Melbourne, which is helping to drag down dwelling values:

Melbourne auction clearances

Melbourne’s softer price growth has already seen its median price being overtaken by Brisbane:

Median dwelling values

Source: PropTrack


Brisbane’s price outperformance will see its median value gap widen with Melbourne this year.

About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.