diff --git a/modules/juce_data_structures/values/juce_ValueTree.cpp b/modules/juce_data_structures/values/juce_ValueTree.cpp
index 22631f16b6..8849b89a10 100644
--- a/modules/juce_data_structures/values/juce_ValueTree.cpp
+++ b/modules/juce_data_structures/values/juce_ValueTree.cpp
@@ -435,7 +435,8 @@ public:
                 target->removeProperty (name, nullptr);
             else
                 target->setProperty (name, newValue, nullptr, excludeListener);
-
+            // only exclude on first invocation
+            excludeListener = nullptr;
             return true;
         }