melbourne property

I'm looking to buy in Melbourne over the next six or so months. The market is very hot right now and I'm concerned it's becoming a bit overheated and rising interest rates over the next few months might cause a slowdown and possibly a slight correction. This exact thing is happening in the UK right now, foreclosures are increasing as interest rates go up, investors are getting wary and staying out of the market so things have changed from a sellers to a buyers market.

Does anyone have any views on the direction for the Melbourne property market over the next 12-24months or a link to some good reading on the subject? The market always moves in cycles and surely we're closer to the top than the bottom so holding off for another year or two might present a better buying opportunity.