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Core Insights - Melbourne's property prices have shown significant overall growth in the past year, but the growth rate is slowing and is lagging behind other major Australian cities [1][2] Price Trends - As of November, the median price for independent houses in Melbourne reached AUD 1.015 million, an increase of AUD 59,000 compared to the same period last year [2] - In the past month, Melbourne's property prices rose by only 0.3%, ranking just above Darwin and Hobart among major cities [2] - Other major cities like Sydney, Brisbane, Adelaide, and Perth experienced annual price increases ranging from AUD 103,000 to AUD 142,000, significantly outpacing Melbourne [2][4] Market Dynamics - The increase in new housing supply during Melbourne's spring market has provided buyers with more options, which has suppressed further price increases [2] - High inflation data has diminished the likelihood of interest rate cuts within the year, suggesting that Melbourne's property price growth will remain moderate until year-end [2] - Continuous pauses in interest rates may slow down the momentum of price increases, although a price correction is not anticipated for Melbourne [2] Affordability and Investment - Melbourne remains one of the most affordable cities for first-time homebuyers in Australia, but it is attracting relatively fewer investors [4] - Brisbane's property price growth is three times that of Melbourne, while Adelaide's growth is nearly five times greater [4] - The high land tax in Victoria is seen as a significant factor contributing to reduced investor activity, influenced by the Allan government's policies [4] Long-term Outlook - Despite current challenges, Melbourne's relatively low property prices and strong population growth prospects (expected to be the highest in Australia by 2030) may mitigate some negative impacts of land tax in the long run [4] - PropTrack's report indicates that property prices in several remote areas of Victoria have even surpassed those in Melbourne, with Mildura experiencing a 9.67% annual price increase, bringing its median price to AUD 400,000 [6]