Essendon sees largest house price drop in Melbourne

House prices in some Melbourne suburbs are falling despite a slight citywide increase. The Reserve Bank cut interest rates to 4.1% in February, boosting buyer activity. The Essendon area saw the largest decline, with values dropping 1.4% to a median of $1,455,000. This follows a 1% drop in January. CoreLogic reports that price declines in Essendon are accelerating, indicating a deeper downturn in the housing market.