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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.

Colourful, brightly painted beach storage shacks on Brighton Beach, with storm clouds in distance.
Brighton apartments were among the 20 worst-performers in the Melbourne property market for the first quarter of 2022.

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…