The average price of a home in Melbourne has dropped by almost 50 per cent since 2014, despite a huge boom in new construction.
The average home price is now just over $2 million, down from a peak of $4.9 million in early 2017.
This year’s average price has now been around $2.5 million, compared to $4 million in 2014.
Property agents and investors are worried that a strong housing market could push prices higher in coming months, even as supply is being squeezed by high demand.
The Australian Bureau of Statistics released the latest figures today, showing that the price of the median house sold in Melbourne is now $3.3 million.
The median house price in the state of Victoria is now around $3 million, according to the National Association of Realtors.
A house for sale in Melbourne’s inner west for example, now sells for just under $3m.
“There’s a lot of supply, a lot more than we’ve had before,” said property agent Franklin Tran, who is based in the inner west.
It’s hard to say if this is a temporary trend or a permanent one, given the recent boom in construction. “
It’s not like it was a boom period for the last 10 years, it’s been a pretty strong period.”
It’s hard to say if this is a temporary trend or a permanent one, given the recent boom in construction.
In the past few years, there have been massive developments in Melbourne.
Melbourne has seen a boom in housing, with more than $1.5 billion worth of new houses constructed.
And now there’s a new housing shortage.
But Tran said he didn’t see a return to the boom era.
“I’m not expecting a quick return, it just won’t happen,” he said.
The ABC’s Victoria Live: How are prices in Melbourne going?
has been updated.