I knew a house sold for $950k in 2007, and resold in 2008 for $750k, the previous owner bought it back.
Few vacant lots, people refused to settle after title issued.... and mortgage is more than the selling price, owner can't settle....
I attended one auction for a property in northcote point, i was the only person turned up, and no bid of course, and easy to negotiate with owner. more Quality houses on the market and value for money. i bought the property and is still smiling until today......