Home prices are skyrocketing in Australia, so why are they going in backwards in Melbourne?

Home prices are skyrocketing in Australia, so why are they going in backwards in Melbourne?

![](https://imageresizer.static9.net.au/Rci8Q57Tq41OoGwS_afDNq97fyA=/750x0/https%3A%2F%2Fvms-network-images-prod.s3-ap-southeast-2.amazonaws.com%2F2024%2F08%2F625017%2Fhouses.jpg) In the middle of a housing crisis, you'd think property prices would be soaring in the city that has consistently been judged Australia's most liveable, right? Wrong - and by some distance. Melbourne was the nation's second most expensive property market for a long time, trailing Sydney but with a hefty buffer between it and third place. Now it's fallen into sixth, with CoreLogic data released earlier this week showing housing is more affordable in Melbourne than any other …