Suburbs where the housing market is weakening most quickly
New data from CoreLogic has revealed the suburbs where house prices are dropping most rapidly around the country.
Victoria's market is mostly represented in these weakening areas, with house prices in six of 10 Melbourne areas dropping since 2021, according to the Australian Financial Review.
Continue through the gallery to see where values are falling most rapidly.
12. Toorak, Victoria
Values in Toorak have dropped 1.7 per cent in the past three months, and 3.4 per cent in the past year, on average.
The dwelling median value is still over $1.3 million.
11. Caulfield North, Victoria
In Caulfield North, prices dropped 3.8 per cent in the past three months and 3.5 per cent in the past year, for a current average median dwelling price of $828,362.
10. Fairfield, Victoria
Fairfield in Melbourne has also seen values drop 3.5 per cent in the past year, with a four per cent drop in the past three months, to an average value of $682,616.
9. Bundeena, NSW
While Bundeena homes are still worth an average of $1.4 million, they have dropped in value by 1.8 per cent in the past month and by 3.6 per cent in the past year.
8. Coronet Bay, Victoria
In Coronet Bay, prices are down four per cent in the past year and 4.5 per cent in the past quarter, to an average of $532,549.
7. Ballarat Central, Victoria
Ballarat home prices have dropped an average of 4.1 per cent in the past year, accelerating to 6.4 per cent in the past quarter. They average $587,301.
5. Palm Beach, NSW
Palm Beach homes are the most expensive on this list, at over $3.2 million on average.
But that price tag has declined 4.8 per cent in the past year, and 1.7 per cent in the past three months.
4. Mount Eliza, Victoria
Home values in Mount Eliza have fallen 4.8 per cent in the past year and 4.7 per cent in the past quarter, to a median of just over $1.5 million.
3. Bilgola Plateau, NSW
Bilgola homes dropped 4.8 per cent in the past year and 1.1 per cent in the past quarter, to an average of over $2.3 million.
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