‘Worst of it’ over as elite bayside pockets lead Melbourne home gains

Key points

• Home values are flat or falling in almost every Melbourne suburb, according to new REA Group figures for the September quarter. Only 34 suburbs out of more than 400 recorded gains in house values.
• Middle Park led the city with an 8 per cent rise, and bayside suburbs dominated the top results. REA Group economist Luc Redman said the figures could signal stabilisation, with recovery depending on future Reserve Bank rate decisions.
• Property Investment Professionals of Australia chair Cate Bakos said she believed the worst had already passed.