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Bought in 2007.

Wow! I bought my property (a 3 brm 1 bth brick veneer on 580sqm) for 155k in Melton South for less that!

Not true....if you look at what Melton was selling 4 years ago to now you would have noticed that prices have risen about 40%...primarily due to the cost of land going up from 75k to about 125k! Also Bernards Salt as Mystery points out says that is a key growth area because it is affordable...

The market is definitely softer....I know over the next 6 months you will be able to get better buys. Why buy now when you can get better pricing soon? I agree Melton is a high growth area....exactly the reason why I bought. Despite people saying there is plenty of land...you are correct in...

I think that I would steer clear of Melton, Werribee, and Hoppers Crossing for the moment. I own a property in each of these suburbs. Why....because these suburbs despite the view of some on this site have gone up about $60-100k in the last 2 years. This represents about a 30-40% increase...