Once Australia’s second priciest city, Melbourne has become more affordable. What happened

In 2021, Melbourne’s median house price surpassed $1m, after a decade of rising by an average of more than $70,000 a year.

It was Australia’s second most expensive housing market, after Sydney. The next year, prices began to fall.

The city’s median house price is still $10,000 lower than it was at its peak, data released by Domain on Thursday showed.

While investors say Victoria is a warning to other states, the pricing slowdown has helped more owner-occupiers enter the market.

With more listings and less competition from property speculators helping to make the city more affordable, should the rest of Australia follow suit?

First home buyers get a foot in the door

Melbourne was overtaken first by Canberra and later by Brisbane, where house prices

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