Agreed it is always dangerous to make blanket statements, all suburbs are different in their response to change and some areas have already dropped by over 30% and others have barely moved
Many of the sales recorded are discretionary sales and as such the people do not have to sell as they do not owe money on their homes and would only sell to make more money or improve their position
In the outer western burbs of Melb they all owe far too much money and have no money in the bank and shaky job security, so any decline in the economy and they can't give the homes away for almost any price, the low limit on the price is controlled by the figure that the bank can afford to divest themselves of the debt
So blanket statements about price drops in any big city or across Australia is fraught with problems as some area's are awash with cash money and others can't pay their power bills or put food on the table
