Melbourne leading Australian property market downturn | 9 News Australia

Good for society.

Too many greedy people and hopefully this will redistribute the wealth.

Thanks to Labor

Underperformed...and the median house price is set to drop below $1M? It's clear that house prices have been overinflated for a very long time and like all things that rise so high from balance, they come crashing down again. If it weren't for the massive influx of 'new Australians', housing prices would have been more affordable for existing Australians because demand wouldn't have been so high. As it is now, a lot of people have fattened themselves up through rising housing prices and they may end up out on the street looking through a window at someone living in a house they can no longer afford. Using immigration as a short-term cash cow has it's drawbacks and if the economy starts shrivelling up beyond a critical threshold, there'll be anarchy. Evidence of this is already revealing itself and it shows what happens when a small group of people play God and make selfish decisions founded upon ignorance. It remains to be seen if the financial crisis of 2008 repeats in the near future and if it does, so many more people will be negatively impacted in Australia as they struggle to satisfy the most basic needs. It could be balanced out by the ending of the Middle-Eastern conflict which will cause a global economic stimulus, but it's yet to be realized.

The question is, will first home buyers get into the market while the price is dropping or will they feel safer renting to avoid potential future price drops

That’s not alarming. That’s exciting

Good, renting might actually become affordable as rent is based on 1% of the median price I believes by law.

Wiping 84k ? The correction needs to be much more than that.

Honestly, the only people that this affects people that invest in property as a speculative asset

It is alarming that house prices are as expensive as they are

For those who bought recently, oops negative equity

Over the past several years, house prices have doubled, yet the media and others seem to overreact whenever prices fall by a small percentage. It would be good if we could stop making such a fuss over every minor decline. When housing prices rise abnormally in a short period of time, it undermines people's motivation to work and encourages a speculative mindset where everyone hopes to make a fortune through property investment. This is not a positive example for children, students, or young people, and it is certainly not a healthy direction for society. A truly mature society is one where people work hard, live frugally, and show consideration for others. That is the kind of example we should be setting. We should never pass on to future generations a society that glorifies wealth gained through land speculation and property investment while boasting about financial success based solely on rising real estate values.

Melbourne prices falling since land tax nothing new

It’s largely a market correction. Property prices are cyclical, and one of the intentions behind recent interest rate rises was to slow inflation and reduce excess demand. It would be expected that house prices would reflect that, either by slowing or falling in the short to medium term.

That doesn’t necessarily mean the long-term trend has changed. If prices fall enough, that can eventually bring more buyers back into the market, which can then create the next wave of demand and price growth.

I don’t deny that housing is unattainable for many people, but demand is still high, and there are still plenty of people who can afford to pay over a million dollars for a house. On top of that, the great wealth transfer is now underway, with money from one of the wealthiest generations in history increasingly being passed down to younger generations. That inherited wealth will likely continue to support demand in parts of the housing market.

Bout time the greed is over

It's only a problem if you were mistaken and thought your home was an asset. It's not.

Here we go with the whinging! Hopefully, they will be falling more.

Nobody wants to live in Melbourne

lol if you in trouble right now it means your portfolio isn’t diversified and your over leveraged😂.

“Oh no, a home may become affordable”

Good for everyone

Properties prices went up by 50% in the last 5 years. Why is alarming there is correction. Every investment does the same.

Biggest disaster by Labour - borrowed extra 200k this year to keep my business alive after 14 years - worst 18 months under Labour in Vic and having homes drop in value is the final straw - comments below dont realize most small business owners use their home to fund their business if extra funds required and with prices dropping this means we will definitely be a failed state.

About time the bubble popped

Wow man what a bunch of bs from channel nine

If I have a job offer now I am flying now🤣

One day your centring houses are too expensive, now you crying it’s losing value… wtf do you want . Houses can’t keep going up, they need to correct .

Was having chat with a colleague that has property investments and he said, he will hold on to his investments and then maybe buy another. Not sure if that’s the way the government wanted this to go… hmm, interesting

$30,000 drop is a nose dive lol

Good, no more hoarding and speculation.

This is exactly what we needed. I don’t care if my house losses value if it means my kids can have a chance to buy a house of their own.

Thanks to Labor cratering the housing market, many Australians won't be able to afford aged care. Your home is your biggest purchase and your most valuable asset. Many elderly people utilise the value of their home to enter the aged care living of their choice. Those days are over. Another dumb move from an incompetent government, hell bent on destroying the economy and taxing Australians up to the eyeballs, all while claiming it's for your own good 😂

Gret, stop the bubble...

Is it Because everyone is leaving Melbourne & moving to Perth or Brisbane or why else are those Capital Cities are exploding in House prices

why is it alarming?

All g labor are gone next election

I thought nine was reporting in China😀

30% 🙏🙏🙏

Cannot compare other places to Docklands, localised over supply.

Let's go! The more the prices fall, the better it is for society-at-large. Homes are overpriced by 30% to 50%, so let's see how far we can drive them down!

Good, housing was never meant to be about making money it's about having a place to live. Boomers need to stop being such lazy landlords living off the government teet.