A report from News.com.au on Australia. "Now we have proof the house price crash has well and truly arrived. When 13 Woodi Close in Glenmore Park sold in April 2017, the three-bedroom house fetched $670,000. But when the owners were forced to sell the three-bedroom western Sydney home this June due to divorce, they pocketed just $635,000. It means the family home’s original value plummeted by $35,000 or 5.22 per cent in 14 short months — even though it was in 'the exact same condition.'"

"That’s according to Penrith sales agent Peggy Willcox of Mooney Real Estate, who said homes in the region had been dropping in value for most of 2018. Ms Willcox said some sellers who refused to lower their price had 'no hope' of finding a buyer at the moment."

"'It has been pretty bad all year and it’s getting worse — as soon as we hit the spring selling season, we will have a lot more stock, with not many buyers,' she said. 'Buyers now have so much power. Last year it was very much a sellers’ market but I’d love to be buying at this point.'"

"However, property expert Matt Bateman said there was no cause for panic. Mr Bateman said some suburbs were suffering from an 'oversupply of certain property types,' which meant some vendors have had to adjust their price expectations to meet the market. Starr Partners chief executive Doug Driscoll also called for calm."

"'Is it property Armageddon? Absolutely not. Not long ago this is what most people probably wanted to see, a calming market, because prices had been going up too aggressively,' he said."

From Domain News. "The sound of silence was all that rang out at the auction of a lower north shore home on Saturday. Despite having all the ingredients for a promising auction, there was no bidding to be had, with buyers maintaining a long silence."

"'I’ve been talking just about five minutes, and I reckon I’m done,' auctioneer Jesse Davidson of Auction Works joked to the crowd of more than 30 people, as he waited for an offer for 5 Huntington Street, Crows Nest."

"Among the buyers who opted not to bid were locals Jess and Chris, who are looking to upsize after selling their nearby home in August. 'We just don’t know what the market is doing. There’s a bit of uncertainty and if we hold off another year we could potentially get more for our money,' said Jess."

"'We’re not scared of being out of the market for a couple of months,' Chris added. 'The last five auctions we’ve been to have been like this … so we don’t mind holding back.'"

"Of the cooling market, Vendor Linda Boge said that as property prices had risen tremendously in recent years there had to be a reality check. '[Buyers] are now looking for a bargain, and who wouldn’t be,' she added."

The Daily Telegraph. "Sydney's cooling housing market has presented buyers with the chance to get quality homes in prestigious suburbs at temporarily lower prices. Research showed some of the best deals were being offered on detached houses, rather than units."

"The biggest drop in median house price across an individual suburb was in Warrawee on the upper north shore, where the median dropped 24.2 per cent over the year, according to CoreLogic data. This was followed by Birchgrove in the inner west with an 18.5 per cent fall, Wilberforce in the Hawkesbury region with 14.4 per cent and inner city suburb Alexandria with a 12.8 per cent fall."

"Buyers in other popular suburbs like Longueville, Concord West,Petersham and North Bondi were also being served up bargains, with the medians in each area falling by more than 10 per cent for the period. The biggest fall in the unit market was in Milsons Point, where the median price dropped by 30 per cent."

"Waverley in the east was next with a decline of 25 per cent followed by Lewisham in the inner west, Ultimo in the CBD and Centennial Park."

From Corelogic. "In the run-up phase of the mining boom there were two Australian regions that recorded spectacular capital gains. The Pilbara region of Western Australia was booming on the back of iron ore and the Bowen Basin of Queensland was thriving thanks to coal prices."

"The Karratha council area (called Roebourne until 2014), which is a good benchmark for the Pilbara mining region, saw housing values rocket 87% higher over the five years preceding the market peak in 2012, while the Isaac shire, which covers a broad swathe of Queensland’s Bowen Basin, saw house values climb 72% higher over the five years preceding the 2012 peak."

"Since conditions peaked in line with commodity prices and a wind down in infrastructure spending, dwelling values in these regions have moved through a long and deep downturn. Some suburbs have seen the median value of a house fall by more than 80% (WA’s Newman is down 84.2% since peaking and Qld’s Dysart is down 83.0% since peaking)."