A report from Domain News in Australia. "Perth house prices have continued to tumble, falling 2 per cent to $528,200 in the June quarter, new figures show. The city’s median house price is now 14 per cent below its 2014 peak, according to the latest Domain House Price Report . Perth unit prices are now 19 per cent below the 2014 peak."

"Property analyst and valuer Gavin Hegney said Perth property prices were still suffering from an oversupply of new apartments and house-and-land packages in many areas, particularly in the outer metro suburbs. Xceed Real Estate sales general manager Jonathan Marlow said he was yet to see signs of a market recovery given very soft transaction volumes, in addition to areas where a recovery was necessary in order to stimulate the rest of the market continuing to record falls in value."

"'Essentially the bottom of the market, whether it is in established apartments or established houses in less desirable areas both geographically or socially, still appear to have not found the bottom,' Mr Marlow said. 'All of the people who are in these areas that may normally be aspirational are unable to move due to reverse equity positions in almost all cases.'"

The Urban Developer. "The property market downturn has driven housing returns into the red, with the total returns for residential property slumping 3.3 per cent over the last year. The combination of falling value growth and low rental yields has pushed total returns into negative territory for the first time since the global financial crisis."

"Total returns over the fiscal year were lower in both Sydney and Melbourne, which recorded declines of -6.7 per cent and -6.0 per cent respectively. 'For Melbourne it was the first financial year in which returns were negative since 2011-12 and it was the largest fall in total returns on record,' said Corelogic’s Cameron Kusher."

The Australian Financial Review. "Residential lot sales across Australia sank to a record low in the first three months of the year, dragged down by falling demand for new homes. Only 7236 lots were sold in the March quarter – almost 50 per cent below the average of the past decade according to the latest HIA-CoreLogic Residential Land Report."

"HIA chief economist Tim Reardon blamed the property downturn in the major cities as well as the credit squeeze that has plagued the market since towards the end of last year for the poor results. 'Falling house prices tend to cause people to become reluctant to sell their house in the hopes that they will get a better price if they hold off. Buyers are also disinclined to purchase a dwelling in case they have misjudged the bottom of the market and house prices fall further,' Mr Reardon said."

From Nine News. "They're the booming Sydney suburbs where new homes are being fast-tracked to feed the city’s population rise. But accelerated development in the NSW Government’s chosen hotspots – many in the form of apartment tower blocks - has spawned a silent tsunami of building defects."

"A 9News investigation reveals homeowners in the postcodes of earmarked 'priority precincts', growth and urban renewal areas have a more than double rate of defects compared to those where regular planning rules apply. The revelation comes after it has emerged residents have been forced to evacuate at least four Sydney apartment blocks because of defects in Parramatta, Zetland, Mascot and Olympic Park."

"Nevertheless, the State Government appears to be attempting to wash its hands of accountability from the sanctioned building frenzy, which saw development applications assessed in as little as 24 hours. Publicly reported defects are just the tip of the iceberg, as thousands of home owners are understood to be suffering quietly for fear of devaluing their homes or are gagged by developers’ non-disclosure agreements."

"'It is a significant threat to public confidence for us to simply turn the deck chairs on the Titanic for a better view of the iceberg,' added Stephen Goddard, of the Owners Corporation Network. 'Clearly there is every possibility that the absence of oversight that has existed here at Mascot Towers has repeated itself in other places.'"

"Many owners were attracted to buy in planned precincts by the prospect of affordable housing and capital growth – but on the flipside, are ill-placed to fund legal action or sell at a loss. Mr Goddard warns that buyers who purchase off the plan now have an 80 per cent chance of buying into a building with defects. 'It is unfortunate that you have more consumer protection buying a refrigerator than a million-dollar apartment,' he said."

"Opal Tower apartment owner, Monica Zhang said: 'We’ve lost so much money.'