Melbourne house prices: Caution urged for first-home buyers as growth slows

PHOTO: Hopeful first-home buyers Nick Gibbs and Amy Backhouse have been encouraged by slower house price growth. Photo: Greg Briggs

Melbourne’s slowing housing market does not spell the end of high prices, especially for first-home-buyers, experts say.

The city recorded its lowest quarterly growth in five and a half years, according to Domain Group’s State of the Market report released Thursday. House prices ticked up by just 0.1 per cent to $914,518, while unit price saw a slightly better gain of 0.7 per cent to $505,861.

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