Core Viewpoint - The upcoming interest rate cuts in Australia are expected to end a unique housing market trend, making Melbourne more affordable than most capital cities and even more affordable than five years ago [1] Group 1: Housing Affordability - The median house price in Melbourne has increased to AUD 912,300, requiring a household with an average annual income of AUD 98,852 approximately 9.23 years to afford it, compared to 8.6 years during the pandemic's early phase when the median price was AUD 849,900 [1] - If a household's annual income has increased by AUD 10,000 since March 2020, they would only need 8.38 years to afford the current median house price [1] Group 2: Economic Insights - AMP Capital's Chief Economist Shane Oliver noted that wages in Melbourne may have increased more than house prices over the past five years, allowing many families to re-enter the housing market [3] - Westpac's Chief Economist Luci Ellis anticipates an 8% increase in Melbourne's house prices next year, surpassing the national average of 7% [5] - Oxford Economics' Chief Economist Maree Kilroy highlighted that while mortgage expenses for Melbourne families have risen by about 7% since the pandemic, they remain the lowest among all capital cities in Australia [7] Group 3: Market Trends - The Real Estate Institute of Victoria reported a 0.4% increase in Melbourne's median house price over the last three months, indicating that growth has already begun [7] - The most affordable area in Melbourne is Melton, with a median house price of AUD 496,500, while Toorak remains the most expensive at AUD 4,249,000 [9] - The median price of apartments in Melbourne has risen by 1.3% to AUD 635,000 [9]