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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Brisbane house prices are set to rise by 15 percent over the next three years but annual wage growth will fail to keep pace, new forecasts show.

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International investors, local "smart money" and the aspirational classes are combining to create a mini property boom in Perth's western suburbs, industry sources say.

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Tenants in St Lucia, Breakfast Creek, Fairfield and Stones Corner have the best rental deal in Brisbane's inner city, with the relative flattening of the rental market, new data shows.

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