Dr Nicola Powell

What we're seeing in Melbourne is the premium end, the higher end of the market is leading the downturn and that does tend to historically be the case.

We've got Melbourne's inner and inner south recording some of the more significant declines in house prices over the quarter.

You know, what we have seen is greater purchasing power for buyers.

What we're overall seeing is the availability, the choice on the market is building.

When you have a look at total supply on the market in Melbourne, it's sitting about 8% above the five-year March average.

And so that's continuing to improve buyer choice.

And I think buyers are knowing this.

They're using this to their advantage.

They're taking their time with their purchases.

They're using that to negotiate.

And even when you have a look at the number of new listings coming onto the market, over the first three months of this year, Melbourne saw the highest number of newly advertised homes for sale over a March quarter since 2014.

And it's soaring 19% above the five-year average.

That really says to me that we've got sellers out there reacting to

The fact that prices are still close to a price peak, but I think they're being very strategic in their market timing and they're listing their homes for sale, you know, before prices come off even further and perhaps even timing it before we see interest rates rise.