From Aus: Aust Real Estate market overall stats driven by the 2 x largest cities (Syd, Melb) both of which have seen crazy price growth last 2-3years. A 20% drop would still have prices about precovid levels.
Regional markets have seen similar growth but from smaller base, and are less exposed to over extended borrowers.
I see some recent borrowers running into some strife in Syd/Melb but…
Like any “market” there are areas within Aus Real estate that will still experience price growth through this period (driven by government project spend, interstate and overseas migration, housing shortage etc)