Saw this article:'Apartments in the Oceanique beachfront...

Saw this article:

'Apartments in the Oceanique beachfront development in Dawesville are selling for up to 40 per cent off the 2007 off-the-plan price.

Port Bouvard chief executive John Wroth said the original prices had set a Peel record, with 40 apartments selling for more than $1 million and one for $7.2 million.

He said the price reductions on the remaining 26 apartments were necessary amid the real estate slump, but maintained the publicly listed Port Bouvard Ltd would still make a profit on the development.

"We took the view that to resell the remainder we will need to meet the market, and to meet the market you have to price it somewhere to valuation so people can finance it," Mr Wroth said.'

http://au.news.yahoo.com/thewest/a/-/mp/8275150/more-sellers-forced-to-cut-home-prices/