Melbourne is the only Australian capital to see a drop in house prices. What’s going on?

Melbourne is beginning to trail other mainland capitals, with homes now worth 4.4% less than they were at their peak in 2022, PropTrack says. Photograph: James Ross/AAP

Median dwelling values in Melbourne may be overtaken by Adelaide and Perth as soon as this month, according to property data firms.

Melbourne homes are now worth 4.4% less than they were at their peak in 2022, and fell 0.21% in July, according to PropTrack’s latest report.