australia mirroring the us property and stocks

I went to an auction in adelaide on the weekend, in the blue chip suburb of glenelg north. The reserve price was $550k, 12 months ago the property sold for 700k.
They couldnt even get a bid for 470k, 35% less than last years price. Glenelg north for all those who dont know adelaide is 2.5km from the beach. Last night was a good example of how we follow the us markets, today everything is down 3 to 5%. I believe in the next 2 yrs comodities will fall back to 2005, 2006 prices. This will scare away a lot of day traders as the spec stocks will become dead due to the higher grades or quantity needed to produce at those prices.