Melbourne set to drop out of the $1 million club as house prices fall

핵심 요약

• Melbourne's median house price has dropped below the $1 million mark for the first time since early 2021, according to Domain's latest report. Prices slid 3.3 per cent in the September quarter to $1,014,335, and Domain's chief residential economist, Dr Nicola Powell, expects a fall below $1 million by December.
• Rate rises and cost-of-living pressures are weighing on buyers, while unit prices also declined. Ray White's Hammad Agog reports bargain hunters are emerging, with some buyers moving to outer suburbs.
• AMP's Diana Mousina suggests the pace of falls is slowing, with prices potentially bottoming out by mid-next year.