I think the answer lies within what made you change your views. Around the same time as you I did the exact opposite, went bullish to bearish, and actually now believe I may have sold at the peak of the local cycle for the first time EVER just looking at recent comparable sales.
It will take a solid correction, or a massive increase in yields, for me to even consider getting back in, and when I do I might even stay renting depending on any changes to neg gearing the govt may introduce in the budget.
Melbourne looks like a disaster waiting to happen with jobs falling over, I think I read somewhere its currently the highest income capital city in Oz, so that could cause a big fall.
