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](https://api.macrobusiness.com.au/wp-content/uploads/2024/05/CoreLogic-28-day-change-1.png)
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](https://api.macrobusiness.com.au/wp-content/uploads/2024/05/Melbourne-house-prices-2024.png)
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](https://api.macrobusiness.com.au/wp-content/uploads/2024/05/CoreLogic-new-listings.png)
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](https://api.macrobusiness.com.au/wp-content/uploads/2024/05/CoreLogic-old-listings.png)
Melbourne’s auction clearance rates have also fallen this year across Melbourne, which is helping to drag down dwelling values:
![Melbourne auction clearances](https://api.macrobusiness.com.au/wp-content/uploads/2024/05/Melbourne-auction-clearances.png)
Melbourne’s softer price growth has already seen its median price being overtaken by Brisbane:
![Median dwelling values](https://api.macrobusiness.com.au/wp-content/uploads/2024/04/Brisbane-vs-Melbourne-median-home-values.png)
Source: PropTrack
Brisbane’s price outperformance will see its median value gap widen with Melbourne this year.