RESERVE Bank governor Glenn Stevens has flagged that the Reserve could raise interest rates in future to stop rising house prices developing into a boom and bust that would damage the economy.

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YOU'D never buy a pair of expensive jeans without trying them on first. After all, the cut could be unflattering and sizes are not what they used to be. But somehow, property investors feel comfortable risking a lot more than the cost of designer clothes when they buy an apartment without having stepped inside.

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Property analysts say a seven per cent surge in Brisbane house prices last year is not a true reflection of capital growth.

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MELBOURNE house prices soared by 17 per cent in the first 11 months of 2009, outstripping growth in all other capital cities, new figures show.

The latest RP Data index, compiled from Valuer-General's figures, indicates the Melbourne median house price hit a new record of about $580,000 in November.

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UNSCRUPULOUS rooming house operators will be hounded out of the industry and families in crisis offered emergency accommodation under a State Government plan to reduce homelessness in Victoria.

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A TYPICAL Melbourne house now costs just under $500,000 after surging $6000 a month since December.

The rate of increase is the fastest in the nation, jumping 12.6 per cent in the first nine months of the year.

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MELBOURNE'S median house price has hit a record $480,000 to surpass the heights of the 2007 property boom.

But demand for Melbourne real estate faces its biggest test since early last year, with more than 1000 homes listed for auction this weekend.

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MELBOURNE'S auction market has posted its strongest performance in years, with the clearance rate and prices soaring, heightening fears the Reserve Bank will push the key official interest rate sharply higher on Melbourne Cup Day.

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House prices may surge about 20 per cent or more in some of Australia's largest cities over the next three years, driven higher by on-going shortages.

Adelaide - previously considered among the more affordable cities - may lead the advances, with prices likely to be 23 per cent higher by June 2012 from a base of June 2009, according to the QBE LMI Housing Outlook.

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