The slowdown in Melbourne's real estate market is encouraging a lot of home owners to upgrade their standard of housing. Even a flat market has a silver lining, and for many it is the ability to trade up - often within the same suburb - to a higher-standard property at an affordable cost.

Real Estate Institute of Victoria figures show the median price of a house in Melbourne fell by 5.3 per cent to $535,000 over the 12 months to June. The downward trend in prices has made some ''change-up'' buyers confident they can buy properties for $100,000 or $150,000 less than the going rate in 2009 or 2010.

Nelson Alexander director Arch Staver is one agent who is seeing a ''real enthusiasm'' for trading up. He said aspirational buyers in the inner-north were benefiting from increased housing stock and no longer faced the severe shortage of quality properties seen earlier this year.

''People have the perception that the gap between their aspirational house and the house they are currently in has never been so close,'' Mr Staver said.

This isn't an isolated take on the market. Scott Patterson, of top-end agency Kay & Burton, said there was more interest from change-up buyers in properties in the $1.5 million to $3 million range. He said the crowds attending open inspections and auctions in Hawthorn and Hawthorn East, for houses priced at about $2 million, had grown significantly in recent weeks. Some potential upgraders may be just sniffing the air. But the belief that it's a winning move to buy low and (hopefully) sell high at a later date, is gaining traction across all market price points.

Dr Andrew Wilson, senior economist at Fairfax-owned analyst group Australian Property Monitors, said lending statistics showed a surge in purchases by first home buyers in Melbourne over the past few months.

''This buying by first home buyers has generated a ripple effect though the change-up middle market and we are getting a lift in buyer activity as a consequence,'' he said. ''We might see the middle market start to pick up.''

Owner-occupiers who buy during a cyclical low typically have no choice but to sell in the same market. Still, property watchers say it is an excellent time for buyers to target the best streets in the areas they favour and to focus on buying quality in their price range.

Buyer's advocate Melissa Opie, of Keyhole Property Investments, said buyers could afford to be selective and wait for the right location to come up.

''When the market turns - and the market will - those people who have purchased well and made wise investment decisions will reap the rewards of accelerated capital growth,'' she said.

The Melbourne market is still skirting the bottom of the property cycle. According to the REIV, in July there were 1590 auctions with an overall clearance rate of 58 per cent. The highest clearance rates were recorded in Glen Waverley, Northcote and Brunswick. (This compared with 56 per cent in June from 2390 auctions).

Yesterday's clearance rate was 56 per cent for the 444 results reported to the institute. The outcome of a further 51 scheduled sales is unknown.

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