As Investors Flee Australia’s Housing Bust, Sales of New Houses Plunge to Record Low, by Wolf Richter.

Given these price drops — in Sydney, prices have already fallen by the double digits — and the regulatory crackdown [on banks], investors no longer have the hots for speculating in this market, and banks no longer have the hots for lending to them. …

The downward momentum is picking up.

Prices of more expensive homes are falling faster: Prices in the upper quartile of the market fell 10.0% [in calendar 2018]; prices in the lower quartile of the market fell 6.8%.