The PropTrack Home Price Index for September, the first month of the spring selling season, has found Regional Victoria was one of only four markets nationally to see home prices decline, falling 0.21 per cent in September.
The index is produced by REA Group, the company behind realestate.com.au.
It said regionally, prices were still 2.88 per cent below their September 2022 levels and 4.78 per cent below their most recent peak.
Conversely, the index reported annual growth in Shepparton prices of 0.17 per cent with a median value of $473,000.
Home prices grew in Melbourne by 0.25 per cent month-on-month and also annually for the first time since 2022, up 0.07 per cent.
Even so, prices in Melbourne remain 4.27 per cent below their most recent peak in March 2022.
Nationally, the index reported prices climbing 0.35 per cent month-on-month, meaning prices were up 4.31 per cent so far this year.
“After falling 4.10 per cent from March 2022 to December 2022, national prices are now up 4.31 per cent from the low point recorded in December and 3.75 per cent higher than a year ago,” PropTrack senior economist Eleanor Creagh said.
“Looking ahead, interest rates have likely peaked, and population growth is rebounding strongly. Together with a shortage of new home builds, prices are expected to rise.
“As we head further into spring, more markets are likely to reclaim 2022’s fast falls to set new peaks.”
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