Prospective home-buyers homebuyrers homebuyers should look to Melbourne if they want to get the most value out of the Australian market, a property expert says.

Melbourne’s property prices have fallen about 5 per cent 5% since their recent peak in early April 2020, according to CoreLogic. Experts say that unusual drop presents a window of opportunity for buyers.

Melbourne has the largest pricefall price fall recorded across all major capital cities, while mortgage rates have fallen to ultra low ultra-low levels, so there are now opportunities presenting themselves for homebuyers to negotiate hard on well-located houses,” Buyers agent buyer's agent Pete Wargent said.

Before the pandemic Before the pandemic, Melbourne’s population was on track to be larger than Sydney by 2026, according to ABS data. But tough border restrictions and coronavirus lockdowns put the breaks brakes on people moving to Melbourne via immigration or relocation.

RiskWise Property Research CEO Doron Peleg said buyers should recognise that the COVID-19 virus would will eventually pass and that they may not get another shot at affordable property in Melbourne.

'We expect 2021 to be a strong year for houses in Melbourne, with significant capital growth forecast to play out,' Peleg said.