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Not in Melbourne, the high end has been increasing for at least 6 months...probably 20%+ on dec 08 prices. for example, 2 ocean st Hampton (http://www.domain.com.au/Public/PropertyDetails.aspx?adid=2007928245)sold in 08 for 967k, on the W/E it sold for 1.15+M, a near 20% increase. Very near...