Melbourne property prices crash say agents

Melbourne house prices have experienced their biggest fall in more than forty years according to data released on the weekend by the Real Estate Institute of Victoria.

The median house price has declined 15 per cent or $75,000 in fifteen months. Prices fell $13,000 in the three months to the end of March 2009. The median house price in Melbourne is now $410,000.

Prices are up however in the outer suburbs popular with first home buyers. Worst hit are suburbs at the top end of the market.

Source: Herald Sun