Almost half of Melbourne suburb property markets heading backwards

Almost half of all Melbourne suburbs have recorded a drop in property prices in the first three months of the year.

Of the 648 house and unit Melbourne markets analysed by CoreLogic, 305 recorded a slip in values ranging from a fall of 6.4 per cent across houses in the inner-city suburb of Cremorne, to a 0.01 per cent fall across houses in Boronia.

In 2021, Melbourne's property values soared to record highs while supply fell to similarly unprec…