December quarter figures from the Real Estate Institute of Victoria show Braybrook house and unit prices crashed by 17.7 per cent.

Prices also fell in Deer Park (14.8 per cent), Delahey (12.9 per cent), Taylors Hill (9.1 per cent), Keilor (6.4 per cent) and Sunshine North (5.5 per cent).

Cairnlea, Taylors Lakes, Sunshine and Caroline Springs all recorded modest growth and Derrimut was the best performer, up 11.1 per cent.

Deer Park remains one of Melbourne's most affordable suburbs with a median house price of $330,000.

Only Melton ($280,000), Werribee ($302,500) and Wyndham Vale ($310,000) are cheaper.

The new figures follow a report revealing the number of unsold property has skyrocketed across Melbourne.

Prosper Australia data shows 'stale stock' - unsold property on the market for more than 60 days - being just shy of 100,000 after a 6.2 per cent spike in November.

This follows a 20.4 per cent rise in September and an 18 per cent rise in August.

Campaign manager David Collyer said buyers who would normally enter the market were holding back.

"Real estate vendors are price takers, not price makers. Choosing to hold out for a better offer will prove to be a bad call."

Hot spots include St Albans (1163), Caroline Springs (1399), Sydenham (1151) and Melton (2696).

But Brimbank real estate agent Tom Kyriakou believes there are signs the market will pick up this year.

The Bells Real Estate agent said buyers had been spooked by talk of interest rate rises and the global financial crisis.

"There was an impression that there was going to be a couple of rate rises and that kept people holding back."

Mr Kyriakou said properties were taking an average of 51 days to sell, up from 40 days when the market was running hot.

But the two recent interest rate cuts would bring back buyers who would take advantage of the softer market, he said.