Those keen on buying a house in Melbourne may be encouraged by a recent report from the Real Estate Institute of Victoria (REIV).
June quarter figures of REIV house price data shows stabilisation of the market, holding the median price of a house at $535,000.
REIV chief executive officer Enzo Raimondo attributed the outcome to a conservative approach from both buyers and sellers.
"This is translating into a lower number of sales than is present in a strong market and as a result, no real price growth has been recorded," he said on July 13.
"The real estate market moves in cycles and, after the initial price falls in 2011, it is now in a period of stability marked by low activity."
The report comes not long after it was revealed that Melbourne contains more mortgage holders than outright owners and a trend turning towards renting.
"The median price has fallen 5.3 per cent over the past 12 months but, as the overall median has not changed in the past six months, this indicates that the market has plateaued and is likely to remain like this until confidence improves," said Mr Raimondo.
