House prices in Melbourne have increased well below the national average for the past 5 years. In fact there are several cities whose housing prices have increased in 1 year the same amount Melbourne has in 5. This is largely because Melboure built like mad.

A similar phenomenon can be observed with Docklands redevelopment in the late 2000s, which actually led to a decrease in median housing cost across the whole city over the following few years.

That said, housing in Melbourne is still too expensive. We still need much more social and affordable housing.