2007 wasn't the top in most markets, it came later in 2010 as government/rba stimulated the property markets with cash handouts and historically low interest rates dragging in the least experienced & highly leveraged first home buyers.
So basically this property is costing you over $4000 a year just to hold it (depends on whether your repayments are IO or P&I) and prices are probably falling so you are getting hit with a double whammy.
