Prepare for a house price plateau
Low interest rates are likely to support house prices in the year ahead but subdued household income growth means investors shouldn’t count on them rising much further.
Read more - http://www.businessspectator.com.au/article/2013/12/4/property/prepare-house-price-plateau
From what I've seen, there's been no significant rise in property prices in Melbourne this year (at least, where I'm looking). I have seen unrealistic vendors asking for too much, as though the market should still be going up. Thankfully some of these seem to be getting passed in at auction :)