Median Values Down in Melbourne, According to New Research

After reaching $480,000 at the peak of Melbourne's most recent property boom in December last year, new research from Residex confirmed industry speculation median values went backwards in February.

The full impact of interest rate rises, and a volatile sharemarket is expected to be felt most in March. These figures will be released later next month.

According to Residex, Melbourne's median house value fell more than 2 per cent to $469,000 for February.
The research house says house prices in some suburbs fell 30 per cent, and anticipates "blue ribbon" suburbs such as those in the leafy east and south-east to suffer most this year.

At the same time, the number of mortgage defaults in Victoria has hit its highest point since 2001.

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