my guess is between 10-40 % decline
things protecting us:
Commodity boom
Immigration ( especially major cities)
Much less risk in bank loans to home buyers than US( but there is still risk)
less re mortagage situation ( loan is for term )
Things effecting us
Severity of world financial situation
Empoyment rate
Interest rates ( these may switch to helping depending how far down they go)
my suggestion pay down debt.
I have 1.5 million property( Beecroft Sydney) and loan of 300K and I'm still worried. Will sell wife sports car to bring it down to 250K and I'm still not comfortable.
When I have no debt them I'll feel good.
some say house prices to fall by 40 percent, page-93
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