melb up 26.8% on last year and outer burbs hot

the reality of the property market, makes a huge contradiction to the fairy tales constantly promoted on this forum....
see the extract below.......sth yarra fell 26%, but dandy rose 31%....I consider both burbs to be rather ugly, and sth yarra is full of units, or ugly little workers cottages, but the wannabe crowd want to live there anyway, cause its next door to toorak.....makes them feel good
so there you have it.....an almost 30% fall in one suburb...
yet the median for Melb still increased almost 30% for the year......
I note savvy buyers are heating up the outer suburbs.....
extract follows....


Outer suburbs stay hot in cooling market
Quarterly figures released by the Real Estate Institute of Victoria show the median price in South Yarra fell 26.4 per cent to $1,287,500, down from $1,750,000 in March.

But the median price in multicultural Dandenong was up 31.5 per cent, bayside Rosebud 18 per cent and Broadmeadows by 16.4 per cent.

The property market traditionally slows in winter, but the median house price was $559,000 in the June quarter, 26.8 per cent higher than this time last year.

http://theage.domain.com.au/real-estate-news/outer-suburbs-stay-hot-in-cooling-market-20100716-10ec0.html