chris joye points out huge melbourne bubble, page-2

I think that nominal prices back at pre-FHOG levels are almost certain, below that though i'm not so sure without big increases in unemployment.

Here's my completely non-scientific extrapolation:

If the melbourne market does something like this (or perhaps declining a bit more slowly) will effectively mean 5+ years at zero nominal growth. These real falls will perhaps take the edge off further nominal falls.