I posted a month or so ago that in my opinion median price comparisons are laughable (and made that comment when the Sydney median price hit $679k on June 12th - a massive 20% down from the $849k median just five weeks previous). You are however correct that by other more legitimate measures prices have still increased, but certainly not by anything like 8.5% in the June quarter (or any other quarter). According to RPData, whose index many market watchers respect, prices are slightly up in Melbourne, and basically flat in Sydney (NB: April and May figures only - June figures not yet available). I take nothing away from your point. Prices have not come down and all predictions that they would do have so far proven to be wrong. Nonetheless, I think the smart money is moving into the bear camp. I wouldn't be at all surprised if real June quarter figures finish out fairly flat, and the September quarter numbers show price declines. Of course I could very easily be wrong.
