Melbourne luxury home prices plunge as affordable suburbs rise
The Age reported that the median price of homes in Toorak fell 25% over the past year, while median prices in suburbs such as Riddells Creek and Maribyrnong rose by more than 14%, driven by first-time buyers. Earlier reports had highlighted a broad downturn in Australian property markets. MacroBusiness noted that major-city house prices had dropped sharply since early April, with some capitals projected to fall up to 15%.
Domain said auction clearance rates in capital cities slipped below 50% as the gap between sellers and buyers widened. The Nightly warned that median prices in suburbs covered by the federal 5% deposit scheme fell in September, raising concerns about negative equity for first-home buyers. Data from Ray White, cited by The Age, showed that Melbourne sellers still earned about a 9% premium over pre-auction offers, but the premium had narrowed.
