A report from the Daily Mail Australia. "A luxury three-bedroom apartment in the second tallest residential tower ever constructed in the southern hemisphere is now on the market for $10 million amid a climate of rising defaults. The two-level unit has floor to ceiling windows stretching up over both levels of the 90th and 91st floors of Australia 108, in Melbourne's inner-city suburb of Southbank. The supertower is topped by a 750sqm penthouse apartment at level 100 that was bought by a Chinese buyer in 2015 for $25 million, a record at the time."

"But all has not been smooth sailing for the super-tall tower as Australia's property price crash hit, compounded by the absence of Chinese investor money which began drying up after Beijing curbed capital outflows in 2017. Last month, the Financial Review reported that buyers had walked away from more than 100 already-completed apartments bought off-the-plan, amid falling valuations, giving a high cancellation rate of 10 per cent."

"In March, Digital Finance Analytics principal and economist Martin North said he feared apartment values in Australia's big cities could fall by up to 50 per cent during the next three years as Chinese buyers abandon off-the-plan residential tower projects. On Monday, Mr North said he was now seeing evidence of high-end purchasers trying to walk away from off-the-plan contracts - and not just in Sydney and Melbourne."

"'Buying off the plan may have made sense in a strongly rising market (and the spruikers are back saying buy, buy) but the truth is there is no need or point to committing off the plan, in my view,' he told Daily Mail Australia. 'A combination of oversupply, faulty buildings, and falling rents all suggest to me price hikes are not likely ahead, in the high rise sector at least. And high-end apartments are not exempt from this.'"

The Sydney Morning Herald in Australia. "Real estate agents said landlords were 'feeling the pressure' to drop rents rather than have their properties sit vacant for a month. Rental vacancies have doubled in the past two years, according to Domain. Sydney is in the grip of an apartment building boom, with 30,880 multi-unit dwellings built last year, a record for any Australian city. There were 16 multi-unit projects finished in the first three months of 2019, adding another 1948 units."

"Dick Crampton, director at Shead Property Chatswood, which manages more than 1000 rental properties, said the supply of north shore rentals is at 'an all-time high'. 'In the last 12 months, I've not seen as much supply of rental available by quite a way,' Mr Crampton, who has worked in the industry since 1972, said. 'When properties were totally selling out off the plan about two or three years ago I suspect that probably 80 per cent of them were sold to investors. So I suspect it's either developers or investors leasing properties now.'"

"Belle Property Mosman agent Jamie Saksida said he had seen rental discounts of more than $100 per week recently and landlords were open to 'ridiculous' offers. 'Vacancy here is pushing closer to four weeks, so landlords are feeling the pressure of having to say yes to low offers rather than not having anything at all,' Mr Saksida said. 'I’ve had people say, 'I've put in a ridiculous offer and the owner has accepted.'"

From City News 1130 in Canada. "For the first time in a decade home buyers in Metro Vancouver are in the driver’s seat, according to a local expert. Real Estate Advisor Adil Dinani says that 25 per cent more homes are on the market than they were at this time last year, giving buyers more options. Data from the latest Housing Price Survey from Royal LePage shows condo prices have dropped for the first time since 2014. It also reveals an overall decline in housing prices in the region for the second straight quarter."

"'The slowdown that initially began in the British Columbia lower mainland’s most expensive trading areas, Vancouver and the region’s North Shore, has moved to the relatively affordable suburbs, as the policy-driven housing downturn nears the three-year mark,' says Phil Soper, CEO of Royal LePage."

The Alaska Highway News in Canada. "The ATM of home equity is closed. Five years ago, we had record sales volumes at near record prices in the Peace River Regional District. Today, as those mortgages come up for renewal, there are some challenges. Over the past decade or two, residents have been depending on increasing values in their home to realize equity for other purchases or debt consolidation. We have an entire generation of adults that have never experienced a market adjustment quite like we are experiencing at this time."

"For those people that choose mortgages with shorter terms and escalated payments, such as weekly, biweekly, etc., they may have opportunity to realize some equity. For those who choose mortgages with long terms and monthly payments, there is a strong probability that much of their equity may have been erased."

"Today’s local market shows indication of declining values, increasing marketing periods as well as emotional pricing with a range far beyond reason. There is evidence of homes selling by very motivated purchasers. There continues to be evidence of foreclosure competition."

"When values are considered, the active listings are also a consideration in the selection of the final estimate of value. What a property sold for in 2014-15 is most often higher than what it would sell for today. High vacancy rates heavily impact entry level housing that requires renovations and upgrades as it is nearing the end of its economic life."

"There is evidence of these older homes selling, however, they tend to sell at quite a discount and then extensive renovations completed including mechanicals, foundation, windows, doors, siding, roof, and cosmetic interior."

"What to do when the ATM of equity is closed? Start financial literacy training. Renovate your existing home. Find the importance in the small things like health and well-being, friends, family and community. The finger always points back to us. We have the control to make the choices to spend wisely or overspend beyond our needs. Go back to building strong foundations and health roots."