Is the Melbourne property market set for a rebound? That's the question investors are asking after a year in which the southern city was clearly Australia's worst-performing mainland capital market, with median total dwelling values falling by -1.0 per cent in the 12 months to August 31.

Over the same period all other mainland capital city markets rose, some dramatically, pushing Melbourne further down the property pecking order - making it relatively more affordable, potentially opening buying opportunities in well-located suburbs.