Property prices in Melbourne falling so fast - units in many suburbs cheaper ...

Good news for first-time buyers! Property prices in one Australian city are falling so fast there are more than a DOZEN suburbs where units are cheaper now than five years ago Melbourne property prices dropping fast, with suburbs cheaper now than 2014 In the inner city suburb of Abbortsford, unit prices fell 22 per cent in five years Other areas in city saw median property price fall between 14 and 19 per cent Price drops are not all doom and gloom and are good news for first-time buyers

By Nic White For Daily Mail Australia

Published: 11:31 BST, 21 April 2019 | Updated: 11:31 BST, 21 April 2019

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Property prices are falling so fast in Melbourne that units in more than a dozen suburbs are cheaper than they were five years ago.

Housing data shows falls of up to 22 per cent since 2014.

The inner suburb of Abbotsford saw the biggest fall with units averaging just $450,000.

The median price in Travancore also took a hit of 18 per cent, meaning a property worth $425,000 in 2014 will now fetch $350,000.

Inner city suburb, Abbortsford, (pictured) saw property prices drop 22 per cent over the last five years

Inner city suburb, Abbortsford, (pictured) saw property prices drop 22 per cent over the last five years 

Windsor, (pictured) in Melbourne's centre, has seen property prices drop 14 per cent

Windsor, (pictured) in Melbourne's centre, has seen property prices drop 14 per cent

Central Melbourne suburb, Windsor, dropped 14 per cent,

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