@ Nice One, i don't think Melb has far to go. not sure how many people are migrating there vs leaving, but unsold housing stock is really starting to mount in Melb as you can see below:
This is a total of all capitals:
As you can see stock is nearing GFC levels as one would expect, given generous FHOG have been substantially cut and the govt. stimulus program has now "washed" through the economy a few times over.
No surprises that Melb stock is rising the fastest nationally, they started from a lower base during the GFC, but also had the most generous (actually preposterous) first home "vendor" grant nationally.
The interesting part for me about the national numbers is that stock in Perth has been fairly stable/constant, yet house price declines have been most severe here (vept Brissie) and our economy is growing more than 3 times faster than any other states.
