10 Areas Where Population Is SHRINKING — Melbourne's GHOST Suburbs

Boroondara. Port Phillip. Stonnington. Some of Melbourne's leafiest, most expensive, most coveted postcodes and they're quietly emptying out. In a single year, Melbourne recorded a net loss of 8,554 locals to other parts of the country. And the people leaving aren't the ones struggling. They're the ones who did the maths. One investor laid it out in black and white on Reddit — ten years holding a Melbourne property, and when he actually accounted for inflation and every cost along the way, he'd gone backwards by roughly $120,000. Ten years. Backwards. His conclusion? Get out. And thousands of ordinary Melburnians are running the same numbers and reaching the same answer. Brisbane is getting the truck. The maths doesn't maths, mate. Meanwhile Victoria lost 24,726 rental properties in a single year. The first decline since records started in 1999 after the land tax threshold was slashed to $50,000. The RBA confirmed Victoria recorded the biggest increase in mortgage arrears of any Australian state. And Craigieburn tops the entire country for mortgage stress — the brand-new estate families were told was the responsible choice. Absolutely cooked. New Zealand built more homes, got vacancies up, and rents are now falling. Canada addressed supply and asking rents dropped in Toronto and Vancouver. Melbourne didn't. Same hemisphere. Completely different planet. 🔔 Subscribe to Aussie Explained for new videos on what's actually happening to Melbourne and Victoria's property market. Sources: KPMG — Melbourne Lost 8,554 Locals in Net Interstate Migration → https://kpmg.com/au/en/media/media-re... KPMG — Australian Shrinking Suburbs Analysis (Boroondara, Port Phillip, Stonnington) → https://kpmg.com/au/en/media/media-re... realestate.com.au — Victoria Loses 24,726 Rental Homes → https://www.realestate.com.au/news/re... Victorian SRO — Land Tax Current Rates ($50K Threshold) → https://www.sro.vic.gov.au/about-us/r... RBA Financial Stability Review April 2025 — Victoria Biggest Arrears Rise → https://www.rba.gov.au/publications/f... Domain — Craigieburn Most Mortgage-Stressed Suburb → https://www.domain.com.au/news/what-l... realestate.com.au — Builder Collapse 3,596 in FY2025 → https://www.realestate.com.au/news/me... MacroBusiness — New Zealand Rents Falling After Supply Fix → https://www.macrobusiness.com.au/2025... Demographia International Housing Affordability 2025 → https://www.chapman.edu/communication... ---- Disclaimer: We're housing market analysts not licensed real estate agents, financial advisors, or property professionals. All content is based on publicly available data, market research, and analysis, and is shared for educational and informational purposes only. Always consult a qualified professional or financial advisor before making any property, investment, or financial decisions.