westpac avoids inner-city apartment, page-19

Crisis of confidence hits luxury market
http://afr.com/premium/articles/2005/04/21/1114028481153.html

From mid april

You'll need to have an AFR subscription to read it, or see page 26 of the printed edition.

Apparently properties in the $1M-$4M range are crashing in Sydney and Queensland, sometimes as much as 33% from their 2003 peak.

Some quotes from RE agents in the article:

"But for a high-quality apartment to show a 33 per cent fall compared to what was paid in 2003 ... I would not have anticipated it"

"It is probably the biggest crack in the market I have seen"

"We are desperately trying to keep prices up but they definitely have dropped"

"The Sydney auction clearance rate was 37 per cent [last] week. That is low."

"People believe that the value of property doesn't decrease, it just keeps going up, and that's not the case at all"