A string of popular spots are cheaper than a year ago – but in other neighbourhoods, prices are only getting more expensive.
House prices have fallen in a string of sought-after inner city and bayside hot spots, as Melbourne’s housing market softens.
The inner-city beachside suburb of Elwood recorded the largest decline, with house prices down 22.8 per cent in the 12 months to March. St Kilda and Brighton also recorded double-digit falls. Director at Buxton Brighton Halli Moore said although the bayside prestige market was still buoyant, increased building costs combined with lower borrowing capacities have contributed to downturns in the area.
Moore added that buyers were happy to pay more for property when banks were “handing out money willy-nilly” pre-Covid but were now more restricted in their borrowing capacities. Daniel Pearson and Tayla Cain hope to buy in Airport West, where house prices have increased by seven per cent.“Those are the three suburbs we really, really want to get into as long as the right pops out, but we’re not opposed to going further out into the likes of Hadfield, Glenroy and Tullamarine,” Pearson said.
“There seems to be more conversation happening in 2025, so people are looking and saying; ‘if I can get involved now, I might be buying in a higher-rate market, but there are better times coming’,” Rowland said.
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