A report from Reuters on Australia. "As property prices rocketed toward the heady peak of Sydney's real-estate boom in 2017, the bulldozers came to Epping. But prices are now in freefall, and the suburb is being refashioned once more, this time into the epicentre of a bust. As buyers disappear and miss settlement payments, some projects are sinking under their debts."

"'Once the sales rates and pricing dropped, it just couldn't service all of its commitments,' said Philip Campbell-Wilson, who is liquidating one such new development, Gondon's Elysee Epping. Now 61 of Gondon's 130 apartments are for sale all bundled together to recoup creditors' funds, pushing prices in the area lower still."

"Prices in the Epping area have already fallen more than a fifth from their peak in August 2017, according to Corelogic, the steepest falls in Sydney."

"Australia's house price falls are not entirely unwelcome and have been partly engineered by authorities to improve affordability. Epping prices, for example, doubled in the eight years leading to the 2017 peak."

"Realtor Oliver Yap said an apartment nearby that fetched A$562,000 a year ago had taken months to attract a A$415,000 offer. Rents have also sagged. 'We don't think this year will be good, there's no reason for it to be good,' Yap said. 'There is a huge oversupply of apartments.'"

From News.com.au. "House prices in Sydney and Melbourne could fall by up to 25 per cent this year alone and 'there’s a chance they could fall by half' in the coming “property bloodbath,' an economist has warned."

"LF Economics founder Lindsay David, who has been warning of the looming property crash for the past five years, said in a report today the recent house price falls were just the beginning. Mr David said the downturn signalled the end of the 'Ponzi finance model.' 'People have to understand that there are simply too many investors already tied up in the housing market and they can’t go and buy more real estate unless the value of their home rises,' he said."

"'That’s how everyone was able to accumulate so many properties in such a short time. They bought a $500,000 investment property, 12 months later it’s worth $600,000, with that $100,000 equity you’re able to go and buy another $500,000 property. You can’t do that anymore, it’s in reverse.'"

The Daily Telegraph. "Continued oversupply of apartments has pushed Sydney’s rental vacancy rates up for the fifth consecutive month to nearly 4 per cent. Figures showed Sydney had a 3.7 per cent vacancy rate over the January period — the highest level recorded in recent years. This figure is well up from the 2.3 per cent vacancy rate a year ago."

"The surge in listings was largely driven by an increase in housing stock across Sydney’s middle ring suburbs, which include areas like Auburn, Bankstown and Parramatta. Inner ring areas such as the eastern suburbs, lower north shore and inner west recorded a 3.2 per cent vacancy rate, well up from 1.8 per cent 12 months ago."

"REINSW president Leanne Pilkington said landlords in Sydney’s western suburbs were feeling the brunt of the increases. 'All the developments that Sydney has seen in recent years are all finishing at the same time, especially in the west and north west of Sydney, and this is leading to a lot of vacant stock,' she said."

"The increase in vacancy rates is leaving many landlords with no choice but to drop their asking price — including Hollywood star Rebel Wilson. She has had to drop her asking rental price twice on her recently settled Gladesville investment apartment, and is still yet to find a tenant."

"Ms Pilkington said landlords needed to be realistic on price as the market has come back. 'They need to understand that tenants aren’t prepared to pay any more than what they have to,' she said. She said the current conditions have come as a shock to many landlords who are hoping to make money off their investments."

"'As a landlord you expect to see rent go up, not the other way, which is a big shock for some,' she said."