Melbourne house prices cool off

While the median house price in Melbourne grew by 12.8 per cent to $485,000 in the December quarter there are signs that the market may have already peaked. The Real Estate Institute of Victoria reports that in 16 of the 24 top suburbs the median house price actually fell in the final quarter of 2007. At auctions over the long weekend there were reports of high levels of properties being passed in but also some strong post-auction sales. In the December quarter prices were down 25.4 per cent in Canterbury, 24.1 per cent in Malvern, 15.4 per cent in Armadale and 6.1 per cent in the city's most expensive suburb of Toorak.

By The Australian Financial Review