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House prices plummet in Melbourne

By Jamil Allouche

If you're considering purchasing real estate in Brunswick, the latest house price data may galvanise you into action.

New figures from the RP Data-Rismark Hedonic index showed Melbourne property values slumped 3.6 per cent last month – the biggest drop nationwide.

As a suburb of Victoria's capital, Brunswick and surrounding locales are often affected by Melbourne's price fluctuations. So now may be the time for you to assess your property options in light of changing market conditions.

The Real Estate Institute of Victoria (REIV) has already indicated Melbourne's north is enjoying a period of high demand.

Yesterday (June 4), the REIV noted that Coburg North has become particularly popular as buyers unable to snatch property in Brunswick and Carlton look further afield.

Melbourne is not the only place experiencing a decline in prices. Home values dropped in all capital cities across the country except Canberra and Darwin.

Overall, prices tumbled 1.9 per cent in May. This is not only the first decline in 12 months, it also marks the biggest decrease in three years.

Tim Lawless, research director at RP Data, said there could be seasonal reasons why prices retreated last month.

"But (it) may also be indicative of a broader trend towards cooler housing market conditions," he argued.

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