The Victory were on track to claim their first league win under new coach Giovanni Savarese when Keegan Jelacic opened the scoring in the seventh minute.
But veteran striker Andrew Nabbout hit back in the 52nd to earn City a point in teeming rain at AAMI Park on Saturday night, leaving both clubs winless at the start of the season.
"It feels like we dropped two points," Savarese said.
"First of all, we had a very good first half. I think second half we were not as sharp, as fluid ... their substitutions made change for them, they started getting a little bit more into the ball.
"But I still think that we were defending well and actually we probably had the better chances also in the second half to put the game away.
"... I saw some very, very good things today from us, especially in the first half. I think our football was very good. And it's unfortunate not to be able to get three points."
The Victory farewelled Juan Mata, who chose not to return for this season, with last year's Johnny Warren medallist completing a lap of honour pre-match before watching on.
The magical Spaniard would have liked what he saw when his former side, led by a wonderful passage from Charles Nduka, tore shreds through the City defence to take the lead.
Nduka controlled a Jordi Valadon long ball with his head and got past Harrison Delbridge, then played a one-two with Jelacic, who kept running forward.
Nduka then cleverly cut the ball back to Jelacic, who rifled a wonderful, strike past Macklin Freke.
But from there, the Victory were largely toothless as City ramped up the pressure.
Socceroo and new signing Awer Mabil was influential and just missed great chances in the 28th and 36th minutes.
"He was excellent tonight," Vidmar said.
City recruit Emiliano Marcondes entered the fray for his debut at halftime and soon had a genuine influence.
He chipped a clever ball into the area and the Victory's Harry Shillington attempted to shield the ball over for a goal kick.
But Medin Memeti flicked out a foot to cleverly keep the ball in play, allowing Marcondes to tee up Nabbout to toe poke home.
The Victory's Philipp Ziereis cleared a Delbridge header off the line in the 75th minute and neither team could find another opening.
"Victory were very good in the first half. They really took advantage of our sloppiness, of our lack of intention," City coach Aurelio Vidmar said.
"But pleased that we were able to swing that around in probably the last 10 minutes in the first half, which translated into a much better performance in the second half."
City host Sydney FC next Saturday at AAMI Park before the Victory, who travel to Indonesia for Wednesday's ACL2 clash with Persib, play Central Coast there on Sunday.
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