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Why is Melbourne's property market in the slow lane and will it accelerate in 2024?

Melbourne real estate has flatlined while other cities' markets have soared, so why is that the case and will 2024 deliver a reversal of fortunes?

Traditional Victorian townhouse facades
The lower sale prices of B-grade and C-grade properties is influencing perceptions around Melbourne's real estate market. (Image source:

We often tell clients that bigger metropolitan centres record stronger growth, and this means the best places for Australians to invest are in Sydney and Melbourne.

But looking through CoreLogic’s recent data, the annual performance numbers tell a different story.

Perth has had a runaway year

leading the pack, followed by Brisbane and Adelaide.

Melbourne, on the other hand, looks like it’s dawdling.

It’s not a great annual performance number and …

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