I'd say Perth (where I live) prices have gone backwards and are down at least 5% and probably more like 10% from where they were 6 months ago. I've been watching a few properties and some have been discounted as much as 20% to sell. However, anecdotal evidence sugests that is on a very low volume.
Some market commentators are saying that the market will pick up from today when the new stamp duty changes come into effect (reduced conveyancing stamp duty and no mortgage stamp duty as from today). Personally I don't believe that; I think most buyers are treading warily due to higher interest rates.
Will it fall further? Not sure... but probably not too far I'd say as employment seems to be holding up here.
