I happened to read an interesting and informative article in Bloomberg titled Melbourne Hasn't Seen Worst of Housing Drop As Glut Builds by Nichola Saminather and thought I share it with you guys.
Below are some of the points mentioned in the article above:
Home prices inflated more than 100% between 2002 and 2010 but has been heading south since then.
It seems that Melbourne property prices have fallen the most compared to other cities in Australia (for year end June 2012 - Australia financial year end).
Population growth slowed for three (3) consecutive years (2009 to 2011).
Melbourne city homes relative to income are the most unaffordable after Hong Kong, Vancouver and Sydney.