it did, about 4 years ago??? (except Melbourne)
I don't think so. In the above example even though it's extreme, you see the value of the asset drop by 72% (excluding inflation) after 9 years from $18m to $5m.
Even the shopping centre mentioned by the OP has expected resale value below replacement costs.
I don't think you have seen anything remotely similar in residential property. And the more experience I gain, the more I start to realise as an investor you have to consider all possibilities and what it's probabilities are. The reason why you had the GFC was every financial transaction was done on the belief that residential property never goes down. There were a lot of smart ppl who got this wrong.
I am not saying residential property is going to go down, but confidence is a big thing. Something bad happening in China can easily affect Australian Residential property prices by 25%.
Cheers,
Oracle.