"6%???. So that would mean Australian homes are de-valuing at the rate of around $10,000 a month based on the median of $550,000."
On your figures it is $11,000 per month fall...
IMO this will be the froth blown off the top and then it will settle into a 1 to 2 % drop every quarter until we get to the long term average..
I do feel for first home buyers who are stretched..they are seeing any equity stripped before their eyes and many will go into negative equity positions...how disheartening..
And this is just the beginning!!For those that have used their house as a bank to buy luxury depreciating items are about to get a real shock..
