Once Australia’s second priciest city, Melbourne has become more affordable. What happened – and will it last?

With more listings and less competition from property speculators helping to make Melbourne more affordable, should the rest of Australia emulate the state’s housing policies? Composite: Guardian Design/Getty images

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.