Prestige Melbourne suburb records steepest annual house price drop ever

Toorak's median house price fell from $5.8 million to $3.665 million, a record plunge.

Why it mattersA crash of this magnitude signals broader weakness in Australia's luxury property market and affects investor confidence.

AustraliaMelbourne's prestige property market is contracting sharply, affecting owners and investors in Victoria's most expensive suburbs.

✓ Claims checked against the source and corrected before publish. checked 5 d ago