since when are property values in Australia "falling...

since when are property values in Australia "falling precipitously" ??.....HOGWASH. Maybe the USA, but not here.
The banks highly likely WILL refinance their loans if they can sell enough assets to lower their gearing down to an acceptable level. This has been suggested in previous communications ( can't recall exactly which ).
Plenty of other companies have obtained refinancing for loans this year - yes at higher interest rates, but it's not impossible to do.
Property is and will always be a highly sought after long term investment asset regardless of economic climate, so I have no doubt there will be buyers for their assets.
Retail property in particular is a very strong asset class,
stronger than office or industrial property when you look at the long term figures.