Melbourne’s housing market is closing in on its 2022 peak, with prices rising 0.3% monthly in August to sit just 0.6% below their previous high, according to PropTrack.

 This recovery comes after several years of underperformance compared to other capitals. However, renewed demand is now driving values higher, with the median home value now $830,000, an increase of 2.1% on the same period last year. House prices increased 2.7% annually to $991,000 while units climbed 0.2% year-on-year to $610,000.

 REA Group senior economist Eleanor Creagh said Melbourne had seen demand re-accelerate in recent months, reversing the slower conditions of late 2024. Relative affordability and strong population growth are restoring Melbourne’s appeal, with enquiries surging and competition broadening across suburbs.

 Nationally, home prices have risen 5.3% over the past year, but Melbourne’s turnaround is particularly significant given its lag in recent cycles. With rate cuts improving borrowing capacity and sentiment, conditions point to further growth through spring.

 For those assessing Melbourne property, this highlights how quickly values can shift as confidence returns. Asset-specific valuations are essential to capture a property’s true position in a market regaining momentum.

#Melbourneproperty #propertyprices #valuations

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 As Melbourne closes in on its previous peak, small price movements can make a significant difference to asset values. Mason’s Valuation Office provides precise valuations to keep pace with these shifts. For accurate Melbourne valuations, call 0477 013 382 or visit https://localvaluationexpert.com.au/contact-us/