Fair point, although re your query 'Could it bounce back...

Fair point, although re your query 'Could it bounce back again?', you may be interested to note that declines actually continued through April 2012 and have now really accelerated in the first week of May (particularly Sydney, which is down 1.2% in a week (lol that's a decline of 62.4% per year, extrapolators. Keen doesn't know the half of it!)
http://www.macrobusiness.com.au/2012/05/weekly-rp-data-house-price-analysis-3/