This year was a buyers’ market in Melbourne as house prices fell, but buyers were still willing to spend big money for the best homes.
Melbourne’s auction market weakened in 2024, as house prices drifted lower and predicted interest rate cuts failed to arrive.
Melbourne property values fell by 2.3 per cent over the last year to November while the total number of listings increased by 5 per cent, CoreLogic data shows, which created an ideal buyers’ market. By April, some real estate agents were counting fewer investors at auctions, with downsizers and first home buyers taking their place.The Good Guys boss Andrew Muir sold his Carlton city pad for $6.5 million
“We’re seeing some caution with some buyers ... I’ve just seen a slight drop-off over the past eight weeks,” Allouche said in June.
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