Just back from a conference on this very topic. My suggestion would be to buy ( my opinion only ..DYOR ). Demand will outstrip supply in Melbourne for a good number of years yet , Victoria is now offically growing faster than NSW .
Vision 20/30 , the Victorian governments Urban growth boundary plan basically assures supply to be continually limited . Even if the legislation were changed , we still cant build enough houses ! I believe prices well continue to rise , hopefully not a lot more .One can only hope for a period of consolidation .
