Six months of stagnant sales, two years of extended lockdowns and a prolonged construction-cost crisis have left Melbourne’s once-booming housing market languishing at sixth place in Australia’s property value rankings.

According to Charter Keck Cramer analysis, Melbourne has experienced the lowest growth rate of all major Australian capitals since 2020, with unit prices increasing by just 1.3 per cent annually compared to double-digit growth in other cities.

With apartment launches significantly down and construction commencements at historic lows, Charter Keck Cramer national executive director of research Richard Temlett labelled 2024 “the worst year for developments in the last 20 years”.