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Wrong US properties crashed in 2007, with falls of as much as 70% You need to read some of the posts regarding this. UK had massive falls during GFC as well not sure how much though? During GFC - Goldcoast was hammered close to 40% in some pockets. But Sydney falling 50%, I doubt this very much.

Mother of all booms in Perth from 2001-2006 peak, mining boom, commercial and resi boom, 6 year boom:)