I don't know what areas Aurelius is referring to but here are a few in Perth
City Beach 12 months ago the cheapest house on the market was $1.5 to $1.6mil a very basic 3x1 home. The same house is still on the market at $1.1mil, about 5 houses down from this house is another now on the market, a 4x2 fully and tastefully renovated home of similar age, it is on the market for $1.375
a drop of at least $250K below what the cheapest house in the area, a far inferior home was on the market for
Carine, another Perth coastal suburb, 12 months ago it was difficult to find a 4x2 home on the market under $800K
there are now 4x2 on the market in the area under $700k
2006 a client sold a house on a triplex size block in Nollamara/Balga for $480K, similar houses on similar blocks, basically value of these homes in the area are only block value, are selling for $350K
Some friends purchased a house in Bayswater 12 months ago for $650K they now have it on the market due to plans to move east, best offer they have had is $500K despite spending money and time fixing the place up.
Someone else post here a few weeks ago regarding selling a Property in a beach side are out side melbourne
they were mentioning similar drops in what they were able to get for the property.
