A report from News.com.au in Australia. "Experts have been left stunned after Aussie house prices plunged at 'the fastest rate of decline ever seen.' And there’s more pain to come. 'If you had asked me in September last year I probably would have been surprised to see Sydney and Melbourne values down more than 4 per cent over the rolling quarter,' said CoreLogic head of research Tim Lawless. 'We have seen the downturn accelerate over the last three months. At 4 per cent down in Melbourne that’s the fastest rate of decline we’ve ever seen of any rolling three-month period, and Sydney is virtually (the fastest outside) a really brief period in the ‘80s.'"

"He conceded that 'we are seeing some wealth destruction.' CoreLogic now forecasts total declines in Sydney and Melbourne of 18-20 per cent, but notes that comes after prices rose nearly 80 per cent and 60 per cent respectively. 'Most homeowners would still have a great deal of equity in their properties,' he said. 'It’s really just those owners that have bought in the last couple of years that are facing the prospect of negative equity.'"

From WA Today. "Scores of apartments in a multimillion-dollar Sydney complex will be sold in one line by receivers after the project's developer fell victim to Australia's property slump. In a further sign of cracks in the apartment market, receivers and managers Newpoint Advisory are selling 61 units in the just-completed, multi-storey Elysee project in Epping in Sydney's north-west."

"A one bedroom apartment in Elysee was selling for up to $788,000 and two bedroom units were going for $1.08 million before the project fell over. The apartment fire sale follows Sydney and Melbourne being branded the worst performing housing markets in the country."

"The country's largest property players face an escalating risk of buyers failing to pay at settlement time because of falling apartment and land prices, analysts say. 'We see Mirvac as most at risk followed by Lendlease and Stockland,' UBS analysts Grant McCasker and James Druce said. The most at risk projects are in Sydney’s Marrickville and Olympic Park which 'appear already out of the money' because Sydney’s apartment price index has fallen 5 per cent since launch, the analysts said."

From the Daily Mail "Up to 50 per cent of home loan applications are being rejected by the big banks, with the availability of credit likely to be even further restricted in the coming weeks. Ray White deputy chairman Sam White said the banking royal commission, sparked in part by irresponsible lending, has created such uncertainly within the sector even credit teams were unsure whether to approve or reject loan applications."

"'There's no upside in saying yes, only downside, so it's easier to say no,' he told The Australian.   'For most of the major lender­s - the big four banks - the decline rates would be above 40 per cent at the moment... Even in the GFC, it was nothing like this.'"