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Thanks. All those crazy Melb prices turned me off buying here for the moment. The final straw was seeing a 2BR with no outdoor space or carpark in Richmond go for around $830K from memory - reserve was $600K.

Wow. I was going to bid on that one, then changed my mind and bought in Syd/Bne instead due to stupid Melbourne prices. This affirms I made the right decision.

Everyone has a different strategy to suit their individual needs. I would take CG over yield any day of the week. As for units, my townhouse went up 20% in 2 years. I know much of Melbourne did, but since I have no land I think that's a good result. Apartments in NYC have most certainly gone...

I blame investors. Buying property and holding it causing a shortage of available stock :D

Another one in Richmond. Was first listed at $600K+, two weeks later it was listed for $630K+. I thought it was closer to the $700-$750K mark based on similar style property sales recently. Sold at auction yesterday for $812,500. Agent was from Armadale, which might explain the low listing...