The Aussie Dream Starts To Fade

Having been an Aussie watcher for years, as well as having bought and sold residential and commercial property there, I can see the coming of the bubble bursting across the ditch. Anyone contemplating moving to Aussie should note that the grass is not always greener in the other paddock. Sooner or later all bubbles burst and Aussie will be no exception. Melbourne house prices went through the roof over the last few years and the early signs of the inevitable correction are here.

Melbourne home property prices drop $400 a week in two-year record plunge
By Karen Collier
April 16, 2011 12:00AM

After peaking at $601,000 late last year, the median price has fallen to $565,000 – down $36,000. Picture: Ellen Smith Source: Herald Sun

MELBOURNE’S property bubble is bursting, with $400 a day wiped off the average house price in the past three months.

After peaking at $601,000 late last year, the median price has fallen to $565,000 – down $36,000.

The 6 per cent slump is the biggest quarterly drop in more than two years and one of the biggest the Real Estate Intitute of Victoria has recorded since the height of the global financial crisis.

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