This is huge!
I've honestly been waiting for prices to come down for 5 years now... the market has just been ridiculous... we sold our place in Melbourne and broke records for the area at the time, and that was 2 years ago, and prices have still risen since. I do feel really sorry for Gen Y and Millennials, the currently landscape just isn't fair for them at all.... but I guess, since when has 'fair' ever been a metric.
Honestly Ive been waiting far longer for the bubble to come down, as I miss read to what the extent the RBA, Govt and the banks would do to ensure prices kept rising. It does look like the perfect storm has arrived to Sydney for now, it just depends what actions they take when the price fall accelerates.
The other wild card is that if elections are held this year Labour is the favorite to win and they want to remove negative gearing for old properties. This policy would guarantee a 50%+ drop in prices.