A report from 9 News in Australia. "The Opal Tower in Sydney was sold as luxury living, the best money could buy. Potential buyers understandably believed that with the backing of the State Government they had nothing to fear. Just four months after The Opal Tower’s doors opened, a loud cracking sound reverberated through the building, sparking a mass evacuation. It became very clear that something was very wrong."

"'It’s the Australian dream turned into an Australian nightmare,' says resident Andy Neverly. Mr Neverly paid $840,000 for his high-rise apartment. 'I don't think (the apartment) is worth anything.'"

From Domain News. "A dozen suburbs have dropped out of Sydney’s million-dollar house price club as the property market continues its steepest downturn in decades. Roselands, Sutherland and Kellyville Ridge were among the suburbs where the median house price dropped below $1 million last year."

"With house prices down 11.4 per cent since the market peak in mid-2017, about half of Sydney suburbs now have a median below $1 million, according to the latest Domain Group data. 'We’ve been reporting a $1 million median since 2015. I think buyers had a real acceptance of that million dollar mark,' said Domain research analyst Eliza Owen. '[But] they might be more hopeful as more suburbs fall below a million dollar median sales price, however it’s still quite expensive.'"

"'The higher end of the market tends to lead when it comes to price declines,' Ms Owen said. 'Suburbs with higher values have had more significant declines, which have put them under the million dollar threshold.'"

From ABC News. "House prices in Tasmania's capital city have fallen for the first time in years, according to CoreLogic. 'Hobart absolutely is starting to slow down,' said Corelogic's executive research director Tim Lawless. 'If we do see a few more months where the market has flattened out or some negative readings, that will be a pretty firm sign that the market's peaked out.'"

"Real Estate Institute of Tasmania president Tony Collidge said some buyers were also being cautious due to significant prices falls in Sydney and Melbourne. 'Some appear concerned that they're not buying into a market at the top end and if market prices go down, they're going to lose money,' he said."