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First-home buyers face a market where borrowing capacity is constrained by high interest rates and affordability is near historical lows.
Melbourne's prestige Bayside suburb is caught between extreme scarcity and macro headwinds. Rate tightening and proposed negative gearing reform are pulling against a structural supply deficit and a stock-on-market rate of just 0.34 per cent — a market that softens without breaking.
Toorak's prestige housing market is in a clear correction: median house prices down 8.28% YoY to $5.65M, national clearance rates at 49.8%, Melbourne flagged as the nation's weakest capital. Its units moved the other way, gaining 7.46%. Structural undersupply and a 65.2% owner-occupier rate distinguish this from a crash.
