Two reports from ABC News in Australia. "Property prices have fallen in Australia many times before - often in response to rising interest rates.This time is different - the cash rate is at a record low but house prices are dropping faster than they have since the global financial crisis - they may still fall further."

"The rules of Australia's property game have changed. It remains too expensive for many and some with mortgages are becoming resigned to never paying them off. Flight attendant Darren Thomas makes a little over $100,000 a year but has managed to buy and sell several family homes in Sydney's harbourside suburb of Mosman."

"With about 10 years left in the workforce, Darren can't see how he'll ever pay back the more than $600,000 he still owes on his family home. Thomas: 'I don't think I feel wealthy. That's the scary part is that you have the trappings of wealth, but not the real wealth and the knowledge of, that the mortgage will never be paid off.'"

"'In my father's generation, he could actually see a finish line and say, 'Okay, well, I will pay off my mortgage by whatever date.' However, I don't see that finish line. I don't ever think I will see that finish line. '"

"As the nation's housing market downturn continues, South Australia's peak body for home building is pushing for greater security for the industry following the collapse of two local businesses this week."

"'This goes right through a community,' said Master Builders CEO Ian Markos. 'You've had people who've worked their life to build a business and they've put everything they have into that and they obviously lose it.'"

The Australian Financial Review. "Chinese developer Forise is tossing up taking on a joint venture partner for its $1.2 billion high-rise luxury residential tower 'Spirit' in Surfers Paradise on the Gold Coast, or sell the site altogether, as it struggles to sell apartments."

"Sales have been slow, with prices as steep as $32,000 a square metre at the top levels, equivalent to Sydney property prices. Even lower priced apartments are much higher than the area's average at about $18,000."

"The landlord of Forise's leased display suite at the Paradies Centre at Cavill Avenue has also taken over the property after Forise failed to pay rent. A hole has been dug out at the Iluka site, but no further works have commenced. It is understood the local representative of the Beijing-based Forise is selling his sub-penthouse in the Soul tower."

"The departure of the investors, particularly cashed-up Chinese buyers have hurt sales of luxury apartments on the Gold Coast. The slowdown in the housing markets on the east coast has caused many apartments to also fall in value, hurting settlements."

From Domain News. "At dozens of Melbourne auctions on Saturday there was a disconnect between buyers and sellers on how they valued properties. This was reflected in a faltering weekend auction clearance rate."

"Observers say buyers targeting general property stock are increasingly demanding discounts. Buyer’s advocate Paul Osborne, of Secret Agent, said many inner-city buyers were holding off from making offers at auctions as part of a game plan to pay less."

"He said until the market began to cool in mid-2017 home owners looked at comparable property sales and then added 10 per cent or 15 per cent more to their asking price."

"'Now it is the other way,' Osborne said. 'People who are buying are looking at a property and arguing that if three or four comparables sold six months ago for Y, then we are going to discount the price to X. We haven’t seen that in a long time.'"