Most of the areas near the city haven't dropped too far over the past 5 years, and most are up slightly over 10 years, in nominal terms. When you factor inflation and holding costs it's a different story of course.
Prices don't need to plummet for investors to get burnt.
But spare a thought for the poor suckers who bought those apartments in Cockburn or Success overlooking the freeway (Success is -19.5% over 1 year, -9.4% annual over 5 years). In all likelihood, a person who thought buying an apartment there was a good idea, is also the type of person who will never be able to recover from that kind of loss.
