After 17 consecutive months of inflation, Australian housing bubble deflates by 0.7% in June

It's amazing how I'm lucky on timing for the past several months. I just started a couple of weeks ago to mention that Australian real estate bubble was about to pop, and here might have the actual proof it started sometime in June 2010. Here's a quote from the Business Spectator:

After 17 consecutive months of solid growth, dwelling values across Australia’s capital cities recorded their first monthly decline of 0.7 per cent in June, according to the RP Data-Rismark Hedonic Home Value Index.

This was the largest monthly fall in home values since April 2008. "The June outcome follows on from a clear trend in the decline in monthly seasonally-adjusted growth rates in Australia’s capital cities," RP Data said.

Dwelling prices were mostly flat over the June quarter, recording just 0.1 per cent growth nationally.

"This represents a striking deceleration in the quarterly rate of increase in home values," RP Data said.