Melbourne housing


PHOTO: Melbourne’s highest priced home markets, mostly in the city’s inner south and east, are bearing the brunt of the market correction.

Melbourne’s mansions are bearing the brunt of the property market correction.

Sales among the city’s most elite addresses — the top end of Toorak — have come to an “absolute stop”, according to industry insiders.

And new CoreLogic figures show the top 25 per cent of the city’s houses — those above $1.011 million — have lost a median $170,000 (14.4 per cent) in the past year.