A report from the Daily Telegraph in Australia. "It has been a catastrophic summer for the Sydney housing market. New housing data revealed prices fell by a whopping 1.8 per cent over December, an acceleration of the 1.4 per cent drop recorded over November. It meant the total fall in prices for 2018 was 8.9 per cent — the largest yearly decline in values since January 1983."

"An average Sydney home now costs $808,494, the same it did in August 2016, according to CoreLogic. Senior analyst Cameron Kusher said the decline over December, usually a quiet period for real estate, went beyond 'seasonal factors.' 'The market is much weaker than it was at the same time last year and a lot weaker than it was in (December 2016),' he said."

"Among the forces pushing prices down was a glut of unsold properties still on the market, which meant buyers had more choice and could negotiate better deals, Mr Kusher added. 'Buyers can see there is a downturn, so there is no impetus to jump into the market,' Mr Kusher said. 'There could be a feeling from buyers that if they wait prices will be even lower and they can get a property for less.'"

"Falls in prices varied across Sydney regions. The Ryde region recorded the biggest drop, with the median home price decreasing 13.3 per cent for the year. Prices fell by 10.9 per cent in the Canterbury-Bankstown area and in the Sutherland Shire, while in the Hills area the falls were similar at 10.8 per cent."

"Sydney areas with a long pipeline of new housing projects could record even bigger falls in prices over the year ahead, Mr Kusher said. This was largely because of the high level of properties up for sale, but there would also be aftershocks from the collapse of the Opal Tower in the Olympic Park area."

"'People will be very cautious buying new builds now,' he said. 'A lot of buyers may be scared off (from a purchase).'"

The New York Times on China. "Unwanted apartments are weighing on China’s economy — and, by extension, dragging down growth around the world. Property sales are dropping. Apartments are going unsold. Developers who bet big on continued good times are now staggering under billions of dollars of debt."

"In places like Jurong, homeowners are paying the price. Some property developers have slashed prices on new apartments to gin up business or cut corners to save money. That undercuts the property values of earlier buyers, who increasingly are taking to the streets to protest."

"'I am very angry,' said Jia Rui, 24, who bought a Center Park apartment a year ago. He watched last year as property prices rose for months before deciding to buy the apartment, which will be bigger than the one he currently lives in with his wife and parents. When he learned that similar apartments were later being sold at nearly half the price, Mr. Jia said, he felt helpless."

"'It is not possible to get a refund,' Mr. Jia said. Then again, he added, Jurong will have a subway line connecting it to Nanjing, a major city, by 2023. 'Maybe the price will go back up by then,' he said."

"Property is the largest source of wealth for households, a given in a country with strict rules against moving money overseas and a volatile stock market. In major cities, it sometimes accounts for as much as 85 percent of a family’s assets, according to researchers at Southwestern University."

"That store of wealth is looking increasingly shaky. Sales in terms of gross floor area on the market have dropped sharply since September. The share of apartments in new developments that are being sold has plunged since the summer. The number of failed land auctions has doubled this year, indicating that property developers are unwilling or unable to buy land for new developments."

The South China Morning Post. "A home in Hong Kong’s ultra-exclusive Mount Nicholson neighbourhood on The Peak is the latest victim of souring sentiment in the world’s most expensive property market. On Monday, House 16 sold for 7.4 per cent less – or HK$58.12 million (US$7.42 million) – than House 17, which was sold in April this year."

"The difference in prices reflects a souring market, said Billy Mak, an associate professor at Hong Kong’s Baptist University. 'The drop in price is similar to the level of drop in home prices [ on the basis of data provided by] the Rating and Valuation Department, and reflects the downward trend in the residential property market,' said Mak."

"The drop in home prices of apartments measuring more than 1,722 sq ft amounted to 5.4 per cent between August and November this year, according to Hong Kong’s Rating and Valuation Department. The overall home prices have slumped by 7.2 per cent after peaking in July, following a 28-month surge that started in April 2016."

"Mak said the correction would continue into the first quarter of 2019. 'The correction in the property market will not end so soon, as it only started in August and has lasted for four months so far. Previous corrections, after 2003, lasted for about a year.'"

From Free Malaysia Today. "A developer has dismissed criticism that property developers are 'partly' at fault for the oversupply of unsold properties due to a lack of understanding of the needs of the market, saying this was 'absolutely not true.'"

"Melaka-based developer Anthony Adam Cho was commenting on a recent news report in which real estate portal Hartabumi’s chief executive Radzi Tajuddin said developers were partly to blame for the glut of unsold property as many built without understanding market demand."

"Official figures indicate that some RM19.54 billion in unsold units were recorded in 2017 and that at present, the bulk of unsold properties are valued at RM500,000 and above per unit. Cho said that there were buyers who were keen, but unable to obtain the loans or were waiting for prices to fall further."

"'Prices reflecting the current market conditions are normal and should not be a result of overpriced property. Developers treat properties as stock, so just like supermarkets, they will sell their stock, even at losses to recoup their capital for future investment,' he said."