Property Bubble in Australia is a Myth?

"It is true that real estate agents have a vested interest in not wanting to see the market portrayed as total doom and gloom. Such predictions can really be a dampener if you are trying to sell your home.

But are we really about to suffer massive house deflation? It is very unlikely. And it's unlikely because in many places deflation has already occurred and values have steadied. And while it is true that the markets that are rising are few and far between, which suburbs are these big reductions being calculated with? Which houses?

Places like south-east Queensland have certainly been hit hard and not seen increases for years. In prime inner city suburbs in Melbourne and Sydney, to claim that prices will plummet is nonsense - demand is so still so high, that its just not conducive behaviour for a price plunge."

Full story here.