$1.5 million plunges to $350,000

Yes, this is a bit of an extreme example but you get the picture of what's coming.

Holy moly, that's a 77% fall and the crash has barely begun.

According to Ms Skinner, the once $1.5m-$1.8m asking prices for beachfront penthouses at Loka Santi have slumped to a more realistic $350,000-$600,000. The average median house price in Agnes Water has slumped 20 per cent compared with the same time last year, according to RP Data.

Ms Skinner should know. Two years ago she paid $900,000 for a garden unit in the same block in which the penthouse was surrendered by the bank at a knock-down price. "It brought tears to my eyes," she said.