Melbourne dwelling values pushed a further 0.7% higher of the three months ending May 2017 with a 1.2 percent rise in house failures, offsetting a 3.9 percent fall in unit values.
The latest data shows Melbourne unit values have recorded the first year on year 4 since 2013. 
Since dwelling values started trending higher five years ago in Melbourne, dwelling values are now 55 percent higher.
Despite the recent softening Melbourne auction market seems to be more resilient to a slowdown compared with Sydney, with clearance rates remaining in the low to mid 70 percent range through May and through the first week of June.
Overall the negative May index results from CoreLogic comes at a time of seasonal weakness, which may imply that calling a peak in the housing market is premature, but it’s becoming increasingly clear that some of the heat has left the Sydney marketplace and to a lesser extent Melbourne’s.
The month-on-month fall was largely the result of declines in Sydney and Melbourne, where dwelling values have recorded significant gains over the current growth cycle to date.
Consumer sentiment towards housing, as measured by Westpac and the Melbourne Institute, has shown a marked downturn in May.
The largest year-on-year falls have been in Melbourne (-12.4%).
Melbourne clearance rates have generally held firmer, tracking in the mid-to-high 70% range over the month.
The final week of May saw the Melbourne clearance rate reach 74%, which is the lowest reading so far this year.
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