Maybe depends on the area. Just last weekend an oldish, single story house on a relatively small block of land in Freshwater (near Manly) sold for $5.4 million........that was $1.5 million above reserve. I know the place and it is nothing to look at but has a very good location near the beach. Most locals were stunned at the high price it sold for. I think in the really desirable areas of Sydney not been big drop in prices. Less desirable areas like western and south-western suburbs is a different matter.
