MELBOURNE’S home values slump has continued, with the market recording a decline for a fifth straight month.

But experts say the citywide numbers don’t tell the full story, with portions of the market bucking the negative trend — notably its most affordable regions and housing types.

CoreLogic’s newest Hedonic Home Values Index reveals dwelling prices in Victoria’s capital slipped 0.4 per cent in April, taking their quarterly decline to 0.7 per cent.

The figures take into account both homes and units.

The market is still ahead of where it was a year ago, with values up 3.7 per cent annually to a median of $720,433.

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Melbourne’s April decline follows 0.2 per cent dips in December, January and March and a 0.1 per cent fall in February.

But the CoreLogic figures also showed continued strength in several Melbourne suburbs and Victorian regional centres.

Six of the nation’s top 10 capital city regions for annual home price growth were in Melbourne: the west, up 9.7 per cent, Mornington Peninsula, 9.5 per cent, northwest, 9.1 per cent, southeast, 7.3 per cent, northeast, 5.7 per cent, and outer east, 3.5 per cent.

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Geelong was Australia’s top regional performer with 9.8 per cent annual gains, with Ballarat coming in ninth, rising 6 per cent.

Scott Hall, of Scott Hall Buyers Advocates, said owner-occupier driven markets like Albert Park also remained hot, as they were immune to the major causes of Melbourne’s slump — “the tightening of investor lending and restrictions on foreign buyers”.

“The Melbourne market is a series of sub-markets which don’t operate in a unison manner,” he said.

“The cream is rising to the top.”

CoreLogic head of research Tim Lawless said the Home Values Index reflected a market of changing fortunes rather than a market in crisis, with noting Melbourne’s latest trends were “virtually the opposite of what we have become used to over the past five or so years”.

“Regional areas are now outperforming the capitals and units are outperforming houses,” he said.

“Also, the most expensive properties are now showing weaker conditions than the more affordable ones.”

Melbourne house values decreased 1.1 per cent over the past three months to a median of $824,955, while the figure for units was up 0.3 per cent to $574,003 in the period.

Mr Hall said the resurgence of the city’s apartment market was inevitable, as it was “simply an affordability issue”.

“A lot of people buying apartments would prefer a house, but they can’t afford it,” he said.

“They’re making a conscious decision to be near their jobs and the CBD.”

Mr Lawless also attributed Melbourne’s overall weaker housing market conditions to “tighter credit policies that have dampened investment activity”.

But he said a surge in first-home buyer activity and high levels of overseas and interstate migration had softened its fall.

Hobart again emerged as Australia’s strongest capital for price growth, up 1.2 per cent last month, followed by Canberra and Darwin, both up 0.6 per cent, and Adelaide, up 0.1 per cent.

Perth values showed no change, while Brisbane was down 0.1 per cent.

samantha.landy@news.com.au