PHOTO: An orderly market correction so far has seen a slow reduction in prices — though some areas have yet to lose value. Source: istock

A five-year property boom has left many Melbourne homeowners struggling to accept the market can go backwards. But in reality, the current correction isn’t even the first this decade.

The city’s median house price fell 2 per cent from $495,000 in 2010 to $485,000 in 2012, according to valuer-general figures.

That followed changes to stimulus programs brought in to stave off economic impacts from the global financial crisis.