Prices down in Sydney (but about to rebound?) and prices growing in WA?
In addition to mentioning distress sales at losses of 20-30% (both units sold off the plan…), this article mentions a potential rebound in a range of Sydney suburbs. It would be interesting to see if this becomes a self-fulfilling prophecy (e.g. have auction/purchase prices gone up in those suburbs since this news?). I would certainly like such an article to appear if I was trying to sell in one of those suburbs 
Astute investors should know when property is undervalued by this much, and take advantage of it (see upcoming post on principle #2).
Meanwhile, Chris Caton of BT Financial Group believes that the WA real estate market is still growing (in his words “it’s the one real estate market in the world that still has a fair bit of heat under it” — a bold absolute statement!). I do think the WA market is worth looking at though — it hasn’t had as much attention as Sydney, Melbourne and Brisbane.